Podcast
Questions and Answers
Who is known as the father of classical economics?
Who is known as the father of classical economics?
Adam Smith
What is the 'invisible hand' theory associated with?
What is the 'invisible hand' theory associated with?
Adam Smith
What is considered the 'bible of economics'?
What is considered the 'bible of economics'?
Wealth of Nations
Define 'unemployment' as per the text.
Define 'unemployment' as per the text.
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According to Immanuel Wallerstein, how is capitalism defined?
According to Immanuel Wallerstein, how is capitalism defined?
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Study Notes
Father of Classical Economics
- Adam Smith is considered the father of classical economics.
'Invisible Hand' Theory
- The 'invisible hand' theory, associated with Adam Smith, explains how individual self-interest in a free market can lead to collective well-being and economic prosperity.
'Bible of Economics'
- The Wealth of Nations by Adam Smith is considered the 'bible of economics'.
Defining Unemployment
- Unemployment refers to a situation where a person actively seeks work but is unable to find it.
Capitalism: A Wallersteinian Definition
- According to Immanuel Wallerstein, capitalism is an economic and social system defined by the pursuit of profit, private ownership of the means of production, and a global division of labor.
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Description
Test your knowledge of economic theories and concepts with this quiz on Adam Smith, the father of classical economics, and his influential ideas such as the invisible hand and the Wealth of Nations. Explore topics like commodities, demand, supply, and market dynamics in this insightful quiz.
