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
The minimum wage is important because it raises wages and reduces poverty. Proponents assert that it is needed to protect workers from exploitative employment practices. Opponents of the minimum wage claim that it is an unnecessary government intrusion into the relationship between employer and employee.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 >
Almost all viruses are economically important, and two types are, by far, the most significant. First, insect viruses can be used as forms of pest control to protect cash crops. Second, widespread human viruses can greatly impact an affected area's economic output.Full Answer >
The price elasticity of demand is important because it illustrates the effect that a change in price has on the quantity demanded of a particular good. It may be perfectly elastic, perfectly inelastic or somewhere between the two.Full Answer >