What drives the economy? According to economic philosopher Adam Smith, it’s you! All of the individual choices we make about what we (and corporations) buy
Category: Economics
Scarcity in economics refers to limitation, specifically the limitation of supplies, raw materials, components, and goods. There is only so much land, so much labor,
Born in 1723 in Kirkcaldy Scotland, Smith is widely recognized as the founding father of economics at an early age in Scotland, He learned Latin
GDP or gross domestic product is a measure of the total market value of all land goods and services produced within an economy’s borders within