Adam Smith's Economic Theories and Principles

The video tutorial introduces Adam Smith, a pivotal figure in economics, known for his foundational role in modern economic theory and classical liberalism. It covers his biography, influences, and key works like 'The Wealth of Nations' and 'The Theory of Moral Sentiments'. The tutorial explains Smith's observations of industrialization, his economic theories, and principles of classical liberalism, including free trade and market dynamics. It concludes with a summary of Smith's impact on economic thought.

Who is considered the father of modern economic theory?

• Adam Smith

• Karl Marx

• John Maynard Keynes

• David Ricardo

Which era did Adam Smith live in?

• 18th century

• 17th century

• 19th century

• 20th century

Which philosophical movement influenced Adam Smith?

• Enlightenment

• Existentialism

• Postmodernism

• Romanticism

Who was a significant influence on Adam Smith's economic theories?

• Jean-Jacques Rousseau

• David Hume

• Immanuel Kant

• Thomas Hobbes

What did Adam Smith observe to develop his economic theories?

• Industrial organization

• Military strategies

• Agricultural practices

• Political systems

Which of the following is one of Adam Smith's key works?

• Das Kapital

• The Theory of Moral Sentiments

• The General Theory of Employment, Interest, and Money

• The Communist Manifesto

What is the main focus of 'The Wealth of Nations'?

• Scientific method

• Political theory

• Moral philosophy

• Economic theory

What concept is Adam Smith known for in relation to market regulation?

• Golden rule

• Iron fist

• Invisible hand

• Visible hand

What does Adam Smith's principle of free trade advocate?

• High taxation

• Minimal state intervention

• Protectionist policies

• Government control of markets

According to Adam Smith, what should the state ensure for individuals?

• High minimum wage

• Complete economic equality

• Basic security and education

• Equal wealth distribution