Adam Smith was important because he wrote "The Wealth of Nations," which is a bible of capitalism, and he also achieved the firm comprehensive system of political economy. He was born in Scotland and was a known philosopher and political economist. He studied moral philosophy at Glasgow University. Smith first published a volume called "An Inquiry into the Nature and Causes of the Wealth of Nations."Know More
During his time, a country's wealth was estimated by the amount of gold and silver it owned. Smith proposed that the nation's wealth should not be measured through this metric, but through its total production and commerce, which today is known as gross national product. He also talked about the concept of division of labor, which would help to increase production through specialization.
Smith believed that free market economies are productive and helpful to the society. He said that if people were set free to work by themselves, it would lead to economic property and growth to all. He earned a stable reputation after writing "The Wealth of Nations," which is one of the most influential books ever written. Smith was named the rector of Glasgow University in 1787. He died 3 years later.Learn more about Economics
GDP is important because it is a leading indicator of a country's economic health. It gives economists an idea of the nation's financial viability.Full Answer >
Economics and economic education are important for providing people with valuable insight into how foreign and domestic markets operate, which allows them to make reasoned and rational choices for short-term and long-term financial benefits. Studying economics also allows people to learn how to manage and most effectively use scare and finite resources such as time and money. Studying economics equips people with varying levels of financial literacy, which allows them to effectively manage their own finances and even advise others in financial management and planning, too.Full Answer >
The economy, as a system of resource use and distribution, is important because resources are finite. Understanding the economy is crucial to political awareness and becoming an informed citizen.Full Answer >
Business, which one could refer to as economics, is important to society because it fundamentally deals with the allocation of resources throughout the world. These resources always suffer from scarcity, in that there will always be a higher demand for resources than there will actually be available.Full Answer >