Adam Smith FRSA was a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Born: June 16, 1723, Kirkcaldy, United Kingdom Died: July 17, 1790, Edinburgh, United Kingdom Influenced: Noam Chomsky, Milton Friedman, Carl Menger Education: Kirkcaldy High School (1729–1737) Adam Smith was an 18th century philosopher renowned as the father of modern economics, and a major proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments," Smith proposed the idea of the invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest. Smith is also known for his theory of compensating wage differentials, meaning that dangerous or undesirable jobs tend to pay higher wages to attract workers to these positions, but he is most famous for his 1776 book: "An Inquiry into the Nature and Causes of the Wealth of Nations."
MY FIRST 20 QUESTIONS Grade: 08 Date: Due on: Class: Index: Name: Answer the following 20 Questions. 1. What is meant by Economics? 2. What is meant by the term ‘oikonomia’? 3. Name the two dimensions in economics? 4. Identify the usual objectives of every government? 5. Name the father of economics? 6. Name the book written by Adam Smith? 7. When did Adam Smith publish his book? 8. How did Adam Smith define ‘economics’? 9. How did Lionel Robbins define ‘economics’? 10. How did Alfred Marshall define ‘economics’? 11. What are needs? Give five examples. 12. What are wants? Give five examples. 13. Why human wants are virtually unlimited? 14. What is meant by ‘resource’? 15. Describe the three types of resources? 16. Give two examples of natural resource? 17. What are replaceable resources? Give one example. 18. What are non-replaceable resources?