Economics is the social science dealing with the use of scarce resources to obtain the maximum satisfaction of society's unlimited economic wants. ... Classical economics began with Adam Smith in 1776. ... Adam Smith became intrigued with economic theory, seeing economics as a largely ignored subject of philosophy. ... Those people who are not familiar with Adam Smith will not know that he wrote his "economics" as a part of his work as a philosopher. ... He developed this concept to help explain why the government should maintain a laissez-faire attitude toward commercial endeavo...

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• Approx Pages: 16

."" - one of the most important books on economics ever written, his work established economics as an autonomous subject and launched the economic doctrine of a free market economy. Smith argued that the state should not interfere with the functioning of the economy. ... They are faced with the problem of scarcity. ... For example, pizza hut has launched "pizza with suki topping- and Swensen has launched "green tea favoured ice cream-. ... Thus people pursuing their own self-interest through buying and selling in competitive markets helps to minimise the central economic problem of scarcity, b...

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Smith died with these last words to his companions, "I love your company gentlemen, but I believe I must leave you to go to another world" (Jones 25). Smith left an enduring mark on economics, thought, and politics. ... "Smith tried to convince people that the wealth of a nation would be promoted with vastly greater effectiveness by the obvious and simple system of natural liberty than by national planning of the mercantilist sort" (Smith 391). ... He says man is continually in need of the assistance of others and must fall upon some means to get their help. ... Thirdly, commerce and manu...

• Word Count: 3103
• Approx Pages: 12
• Grade Level: Undergraduate