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Adam Smith

founder of modern economic science

QuestionAnswer
What is Adam Smith known for being? The founder of modern economic science.
What was he known for writing? An Inquiry into the Nature and Causes of the Wealth of Nations.
What did he think was the best form of economic system? He believed that free enterprise was the best form of economic system.
List Adam Smiths four Canons of taxation? Economy, Equity, Certainty and Convenience.
What did Smith think was an ideal market? Perfect Competition.
Why did Smith advocate international free trade? So markets could operate efficiently and allow gains from free trade,to spread between nations.
What did he believe was the keys to increasing wealth? Specialisation of labour.
Created by: omeliaeconomics
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