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    Adam Smith was a Scottish philosopher born in 1723 who is considered the father of modern economics. He studied at the University of Glasgow and Oxford University. In 1776, he published his seminal work "The Wealth of Nations" which argued that free market capitalism and division of labor could increase productivity and economic growth. He identified four factors of production: land, labor, capital, and entrepreneurship. Smith also believed that larger markets enabled greater division of labor which led to higher productivity.

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    Adam Smith was a Scottish philosopher born in 1723 who is considered the father of modern economics. He studied at the University of Glasgow and Oxford University. In 1776, he published his seminal work "The Wealth of Nations" which argued that free market capitalism and division of labor could increase productivity and economic growth. He identified four factors of production: land, labor, capital, and entrepreneurship. Smith also believed that larger markets enabled greater division of labor which led to higher productivity.

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    5 views1 page

    Untitled Document

    Uploaded by

    Trisha Salaria
    Adam Smith was a Scottish philosopher born in 1723 who is considered the father of modern economics. He studied at the University of Glasgow and Oxford University. In 1776, he published his seminal work "The Wealth of Nations" which argued that free market capitalism and division of labor could increase productivity and economic growth. He identified four factors of production: land, labor, capital, and entrepreneurship. Smith also believed that larger markets enabled greater division of labor which led to higher productivity.

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    ECONOMICS -an increase in productions

    -machines
    -decrease the time of production
    Adam Smith
    -Born in Kirkcaldy, Scotland Larger the market > Division of Labor >
    -June 5, 1723 (baptism) Production
    -Unmarried all his life
    -He died in Edinburgh on July 19, 1790

    FILIPINO
    14 yrs
    Akademiko at hindi Akademikong
    -Latin, Mathematics, Write, History
    gawain
    University of Glasgow
    -on a scholarship (Akademia)
    -Moral Philosophy
    -Scottish philosopher Pranses- academie
    Latin- academia
    Oxford University Griyego- academia
    -Postgraduate studies

    Akademiko
    1776- “The wealth of Nations”
    -pagbabasa, panonood, pagsusulat,
    -Published in the same year the US
    pakikinig, pagsusulat
    Declaration of Independence was signed
    -He argued that smuggling is a legal activity
    Di-Akademiko
    against “unnatural” legislation.
    -kaalaman, kasanayan, common sense

    4 Factors of Production (pananaliksik, anaylsis, mapanuring pag


    iisip, kritikal na pag iisip, experimental)
    Land- natural resources
    Labor- services
    Capital- major assets
    Entrepreneurship- process

    (3 Factors of entrep)
    The Land and natural resources
    -Maintaining assets
    -Handling services
    -Sustainable income

    Division of Labor
    Productivity
    -skills

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