The Enlightenment-Adam Smith: Laissez-faire – Flashcards
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Hands off. No government intervention in business. Free market/free trade
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laissez-faire
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judgement
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criticism
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Belief in capitalism, supply and demand, not government involvement in business
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Adam Smith
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An economic system based on private property and free enterprise.
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Capitalism
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law describing the relationship between an item's availability and its value
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supply and demand
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money earned after the paying the cost a making the good/service
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profit
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how people buy and sell things, use of land, labor, and capital
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economy
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money/wealth used in business
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Capital
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European economy where buying of selling is to select markets, limited free trade
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Mercantilism
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the price of labor
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wages
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the patterns that control the behavior of people and the universe
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natural laws
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the amount of goods available
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supply
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The desire to own something and the ability to pay for it
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demand
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the movement of goods and services among nations without political or economic barriers
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free trade
