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Adam Smith

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Adam Smith. By: Camilla Martins, Karoline Sales, Morgan Abbotts. Adam Smith was an economist. ... Enough goods would be produced at the lowest possible price ... – PowerPoint PPT presentation

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Title: Adam Smith


1
Adam Smith
By Camilla Martins, Karoline Sales, Morgan
Abbotts
2
  • Adam Smith was an economist.
  • Alive form 1723-1790
  • Wrote The Wealth of Nations

3
Smith's Beliefs
Adam Smith guaranteed economic success through
economic liberty (very independent- government
shouldnt interfere). He had 3 laws that
supported his belief
  • Law was of self- interest
  • -People had to work for their own good.
  • Law of competition
  • -Competition forces people to make a better
    product.
  • Law of supply Demand
  • -Enough goods would be produced at the lowest
    possible price to meet demand in a market
    company.

4
  • Thomas Malthus David Ricardo supported Smiths
    beliefs in the 3 laws.
  • These ideas are the foundation of Capitolism
  • Laws also helped bring spark the Industrial
    Revolution Socialism
  • -an economic system in which the factors of
    production are privately owned and money is
    invested in buissness ventures to make a profit.

5
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