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5 Cards in this Set
- Front
- Back
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Adam Smith - Liberalism |
The Wealth of Nations |
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Liberalism |
political philosophy founded on ideas of liberty and equality |
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The Invisible Hand |
When individuals seek profit it results in better economic good for society. But - the state should provide for public goods e.g. education, health, transport |
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The Division of Labour |
Allowed an increase in productivity, and leads to a more open society |
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Specialization |
method of production where the company focuses on one limited scope of products/services. Requires a large market. should be free trade. |
