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Unit 2A

Social booklet 30-2

QuestionAnswer
What is the difference between Classical Liberalism and Modern Liberalism? Classic Liberalism mainly focuses on a indivualist society that only benefits business owners, modern liberalism is the opposite where it benefits everybody.
Define The Great Law Of Peace Put simply, this refers to everybody being treated equal and nobody is above the law.
When was Liberalism roughly introduced? Around 1700s
Define the Wealth of Nations Was a book created by Adam Smith that challenged the idea of laissez-faire and focused on the government being "hands off."
Who created the Invisible hand? Why was it used? Adam Smith created it as he believed that the government should not intervene with the market system
According to Adam Smith, what was the role of government? He believed that the only role of government was to provide and protect the law and order, protect the country, and protect people.
Example, Sloth plushies are in major demand for their adorable faces, if the demand is high, what will happen to the price? It will most likely expand or inflate.
Created by: user-1999482
 

 



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