It covered such concepts as the role of free enterprise, the division of labor, the function of markets, and the international implications of a laissez-faire economy. ... One of his more famous quotes concerning the issue of laissez-faire in his book "Wealth of Nations" was "It is the highest impertinence and presumption, therefore, in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense, either by sumptuary laws, or by prohibiting the importation of foreign luxuries. ...

• Word Count: 1284
• Approx Pages: 5
• Grade Level: High School

The major challenges faced by our nation today are the Federal Budget Deficit, international trade deficit, the Decline of Smokestack America, and the conservation of energy. ... International trade deficits occur when a nation imports more then it exports. ... In addition, setting up a business for a sole proprietor is much simpler under the law compared to the other two types of businesses. ... A partnership can also start with little difficulty under the law. ...

• Word Count: 3843
• Approx Pages: 15
• Grade Level: High School