According to Adam Smith's

Open Ended

Based on these charts and maps, why do you think certain countries and individuals are wealthy?

Multiple Choice

According to the definition of laissez-faire, which statement is most accurate?

•  A. In a laissez-faire system, government officials set strict prices for goods.

   

•  B. Laissez-faire supports the idea that when everyone acts out of self-interest, the market will naturally balance itself.

   

   

•  C. Laissez-faire promotes complete isolation from international trade.

•  D. Under laissez-faire, the economy relies on extensive government subsidies.

Open Ended

predict the meaning of Adam Smith’s three key ideas.

Productivity

Open Ended

predict the meaning of Adam Smith’s three key ideas.

Division of Labor

Open Ended

predict the meaning of Adam Smith’s three key ideas.

Invisible Hand

Open Ended

What is productivity?

Definition

Reminder Words

Open Ended

What is productivity?

Reminder Story

​Watch this video, Division of Labor: Burgers and Ships (0:30-1:35).

Watch this video, The Invisible Hand  (0:00-1:20).

Open Ended

What is division of labor?

Definition

Reminder Words

Open Ended

What is division of labor?

Reminder Story

Open Ended

What is the invisible hand?

Definition

Reminder Words

Open Ended

What is the invisible hand?

Definition

Reminder Story