Adam Smith Born in Kirkcaldy, Fife, Scotland, Adam Smith was determined from the start. The exact date of his birth is unknown. Smith was a Scottish political economist and philosopher, who became famous for his significant book "The Wealth of Nations" written in 1776. Smith was chosen professor of logic at Glasgow University ... , rhetoric, and political economy. He published his Theory of Moral Sentiments. This work was about the ethical ways that hold society together. Smith explained the intellectual structure of the free market, which is still true today. He is often recognized for the e...

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... of the division of labor. Division of labor "means breaking up a task into a number of smaller, more specialized tasks so that each worker can become more adapt at a particular job". Adam Smith observed that by dividing the work among workers, each worker became quite skilled in a particular specialty, and the productivity of the group of workers as a whole was enhanced enormously. (VIII ... ...

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... and consumers. Free Choice - Buyers make the decisions about what should be produced. Private Property - What is owned by individuals. Profit Incentive - Desire to make profit. Competition - Rivalry among producers. Adam Smith - Believed that individuals, seeking profit, direct their resources more efficiently than governments. Invisible Hand Theory - Individuals not bothered by the government would work for their own self-interests. Microeconomics: Law ... ...

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