Economics Chapter 2, Section 3-4: Adam Smith & The Wealth of Nations

Economics Chapter 2, Section 3: Adam Smith & The Wealth of Nations

Terms to Know:

Section 3: Adam Smith & The Wealth of Nations

Division of labor is the separation of work into individualized tasks.

Section 4: Ways to Prosperity

Prosperity means economic success or the condition of enjoying many goods, including services.
Wealth is the value of all the things that people own, including money, property, capital goods, and consumer goods.

The 6 Necessary Ways to Prosperity

(1) Produce more goods from existing resources.
(2) Increase the number of resources available for the production of goods.
(3) Find new resources to satisfy existing wants.
(4) Make goods already being produced more effective in satisfying wants.
(5) Reduce people's wants.
(6) Redistribute the goods that are already being produced among the population.

Essential to Remember

The true source of prosperity is diligent work directed by ingenious intelligence allowed to develop under conditions of freedom.

Arithmetic Reasoning ASVAB Practice Test, Part 2

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Word Knowledge ASVAB Practice Test, Part 3

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Plane Geometry: Principles in Geometry

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