Adam Smith and Mercantilism

Front

Identify the famous book written by economist Adam Smith

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An Enquiry into the Nature and Causes of Wealth of Nations

Front

What is the main driving force in a Capitalistic Economy?

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Profit Motive

Front

Adam Smith attacked this economic theory that meant one's power was based on one's wealth...

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Mercantilism

Front

All of the following are negative effects of laissez-faire economics EXCEPT... wealthy nation, child labor, city slums, neglected education

Back

wealthy nation

Front

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

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supply and demand

Front

What type of economic system did Adam Smith support?

Back

a free market system

Front

The one area that Adam Smith believed that the government should NOT be involved: military, property, business, nothing at all

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business

Front

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

Back

self-interest

Front

What is mercantilism?

Back

A system where a mother countries gains money and power from natural resources that come from its colonies.

Front

The impact of mercantilism was that

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The Mother Country grew wealthy