BU
ECON 162 -
Adam Smith- The Wealth of Nations
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ECON 162 10 5 15 Adam Smith The Wealth of Nations 1776 1 Self Interest 2 3 Specialization and Division of Labor Invisible Hand Laissez Faire Four Fundamental Economic Questions 1 What and how much is produced 2 How to produce 3 For whom to produce 4 When to consume Types of Economic Systems 1 Traditional Economies Economic decisions are based on what was done in the past 2 Command and Control Economies Central Planning Economic decisions are made by government bureaucrats Market Economies Economic decisions are decentralized through the price mechanism 3
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