Adam Smith Father of Capitalism

Front

Which condition would lead to the highest prices?

Back

Low supply, high demand

Front

What is the amount of goods or services available called?

Back

supply

Front

A product called "Smencils" is being sold online. There are only a few packs left and they are very popular. What will the price do?

Back

The price will go up.

Front

Which social class grew during the Industrial Revolution?

Back

Middle Class

Front

Laissez-faire

Back

let it happen

Front

Economic theory attacked by Adam Smith that meant one's power was based on one's wealth.

Back

Mercantilism

Front

Smith believed that the economy operated according to three natural laws involving this concept...

Back

self-interest

Front

The one area that Adam Smith believed that the government should NOT be involved:

Back

business

Front

Negative effects of laissez-faire economics include child labor, city slums, and neglected education. What is NOT a negative effect?

Back

wealthy nation

Front

"Wealth of Nations" a book by Adam Smith pushed the importance of

Back

supply and demand