Adam Smith capitalism

Rick S. (United States of America)
167 words 37 learners

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words only definitions & notes
  1. economic process
    any process affecting the production and development and management of material wealth
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  2. mercantilism
    a system of increasing wealth through colonization and trade
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  3. mercantile system
    an economic system (Europe in 18th century) to increase a nation's wealth by government regulation of all of the nation's commercial interests
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  4. self-regulating
    designed to activate or move or regulate itself
    Smith believed that free trade and a self-regulating economy would result in social progress.
  5. specialization
    making something suitable for a particular purpose
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  6. selling price
    the price at which something is offered for sale
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  7. liberalism
    a political orientation favoring social progress by reform
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  8. free trade
    the exchange of goods without governmental interference
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  9. productivity
    the quality of yielding positive results
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  10. Nation
    United States prohibitionist who raided saloons and destroyed bottles of liquor with a hatchet (1846-1911)
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  11. Smith
    Scottish economist who advocated private enterprise and free trade (1723-1790)
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  12. buyer
    a person who buys
    Buyers spend money for those things that they need or want most.
  13. individualism
    the quality of being a single thing or person
    Smith argued that this individualism led to order and progress.
  14. political economy
    the branch of social science that deals with the production and distribution and consumption of goods and services and their management
    Published in 1776, it was the first complete work on political economy.
  15. regard as
    look on as or consider
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  16. regulating
    the act of controlling or directing according to rule
    Smith believed that free trade and a self-regulating economy would result in social progress.
  17. analyze
    break down into components or essential features
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  18. capitalism
    an economic system based on private ownership of assets
    See Liberalism; Capitalism.
  19. mercantile
    relating to or characteristic of trade or traders
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  20. worker
    a person who works at a specific occupation
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  21. factor in
    consider as relevant when making a decision
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  22. concentrate
    make denser, stronger, or purer
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  23. regulate
    bring into conformity with rules, principles, or usage
    Smith believed that free trade and a self-regulating economy would result in social progress.
  24. tariff
    a government tax on imports or exports
    He criticized tariffs and other limits on individual freedom in trade.
  25. labor
    any piece of work that is undertaken or attempted
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  26. rent
    a payment or series of payments made by a lessee to an owner
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  27. enforce
    compel to behave in a certain way
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  28. profits
    the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  29. limit
    as far as something can go
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  30. economics
    science dealing with the circulation of goods and services
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  31. identify
    recognize as being
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  32. expand
    extend in one or more directions
    Smith said profits would be used to expand production, thus creating more jobs.
  33. publish
    prepare and issue for public distribution or sale
    Published in 1776, it was the first complete work on political economy.
  34. to order
    to specification
    Smith argued that this individualism led to order and progress.
  35. primarily
    for the most part
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  36. depend on
    be contingent on
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  37. wage
    payment for work
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  38. wealth
    property that has economic value
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  39. create
    bring into existence
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  40. preach
    deliver a sermon
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  41. profit
    the advantageous quality of being beneficial
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  42. self
    your consciousness of your own identity
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  43. economic
    of or relating to production and management of wealth
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  44. identified
    having the identity known or established
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  45. progress
    the act of moving forward, as toward a goal
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  46. founder
    a person who establishes some institution
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  47. argue
    have a disagreement about something
    Smith argued that this individualism led to order and progress.
  48. factor
    anything that contributes causally to a result
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  49. cost
    be priced at
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  50. job
    a specific piece of work required to be done as a duty
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  51. pattern
    a repeated design, structure, or arrangement
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  52. work on
    to exert effort in order to do, make, or perform something
    Published in 1776, it was the first complete work on political economy.
  53. invisible
    impossible or nearly impossible to see
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  54. trade
    the commercial exchange of goods and services
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  55. specific
    stated explicitly or in detail
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  56. production
    the act or process of making something
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  57. relationship
    a mutual connection between people
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  58. analysis
    abstract separation of something into its various parts
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  59. social
    living together or enjoying life in communities
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  60. develop
    progress or evolve through a process of natural growth
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  61. economy
    the system of production and distribution and consumption
    Published in 1776, it was the first complete work on political economy.
  62. discuss
    consider or examine in speech or writing
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  63. book
    an object consisting of a number of pages bound together
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  64. determine
    find out or learn with certainty, as by making an inquiry
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  65. harmony
    compatibility in opinion and action
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  66. fitted
    being the right size and shape to fit as desired
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  67. preserve
    keep in safety and protect from harm, loss, or destruction
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  68. selling
    the exchange of goods for an agreed sum of money
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  69. freedom
    the power to act, speak, or think without being controlled
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  70. Adam
    in Judeo-Christian mythology
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  71. wages
    a recompense for worthy acts or retribution for wrongdoing
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  72. depend
    be determined by something else
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  73. perform
    get done
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  74. individual
    being or characteristic of a single thing or person
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  75. inquiry
    an instance of questioning
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  76. competition
    the act of contending with others for rewards or resources
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  77. order
    logical arrangement of different elements
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  78. defend
    protect against a challenge or attack
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  79. market
    a store where groceries are sold
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  80. conscious
    having awareness of surroundings and sensations and thoughts
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  81. justice
    the quality of being fair, reasonable, or impartial
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  82. argument
    a dispute where there is strong disagreement
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  83. need
    require or want
    Buyers spend money for those things that they need or want most.
  84. provide
    give something useful or necessary to
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  85. result
    something that follows as a consequence
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  86. spend
    pass time in a specific way
    Buyers spend money for those things that they need or want most.
  87. division
    the act of partitioning
    He identified specialization, or division of labor, as the basic factor in creating wealth.
  88. land
    the solid part of the earth's surface
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  89. major
    greater in scope or effect
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  90. capital
    a large alphabetic character used in writing or printing
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  91. meet
    come together
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  92. nation
    a politically organized body of people under a government
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  93. price
    the amount of money needed to purchase something
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  94. produce
    bring forth or yield
    To make money, people produce things that other people are willing to buy.
  95. happen
    come to pass
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  96. willing
    the act of making a choice
    To make money, people produce things that other people are willing to buy.
  97. needs
    in such a manner as could not be otherwise
    Smith said that wages depended on the productivity and basic needs of workers, and rent on the productivity of land.
  98. title
    the name of a work of art or literary composition
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  99. problem
    a question raised for consideration or solution
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  100. process
    a particular course of action intended to achieve a result
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  101. services
    performance of duties or provision of space and equipment helpful to others
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  102. fit
    meeting adequate standards for a purpose
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  103. allow
    make it possible for something to happen
    When buyers and sellers meet in the market, if competition is allowed to work, a pattern develops that results in social harmony.
  104. difference
    the quality of being unlike or dissimilar
    Profits, he said, were the difference between selling prices and the cost of labor and rent.
  105. free
    able to act at will
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  106. buy
    obtain by purchase
    To make money, people produce things that other people are willing to buy.
  107. published
    prepared and printed for distribution and sale
    Published in 1776, it was the first complete work on political economy.
  108. control
    power to direct or determine
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  109. modern
    ahead of the times
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  110. determined
    having been learned or found especially by investigation
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  111. complete
    having all necessary qualities
    Published in 1776, it was the first complete work on political economy.
  112. regard
    the condition of being honored or respected
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  113. formed
    having or given a form or shape
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  114. policy
    a plan of action adopted by an individual or social group
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  115. attack
    an offensive against an enemy
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  116. believe
    accept as true; take to be true
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  117. service
    an act of help or assistance
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  118. say
    utter aloud
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  119. direction
    a line leading to a place or point
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  120. value
    the quality that renders something desirable
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  121. generally
    usually; as a rule
    Smith, Adam (1723-1790), is generally regarded as the founder of modern economics.
  122. money
    the most common medium of exchange
    To make money, people produce things that other people are willing to buy.
  123. lead
    take somebody somewhere
    Smith argued that this individualism led to order and progress.
  124. follow
    travel behind, go after, or come after
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  125. used to
    in the habit
    Smith said profits would be used to expand production, thus creating more jobs.
  126. government
    the system or form by which a community is ruled
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  127. society
    an extended group having a distinctive cultural organization
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  128. system
    a group of independent elements comprising a unified whole
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  129. political
    involving or characteristic of governing or social power
    Published in 1776, it was the first complete work on political economy.
  130. thing
    a separate and self-contained entity
    To make money, people produce things that other people are willing to buy.
  131. British
    of or relating to or characteristic of Great Britain or its people or culture
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  132. deal
    be in charge of, act on, or dispose of
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  133. things
    any movable possession (especially articles of clothing)
    To make money, people produce things that other people are willing to buy.
  134. between
    in the interval
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  135. idea
    the content of cognition
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  136. cause
    events that provide the generative force of something
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  137. interest
    a sense of concern with and curiosity about something
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  138. force
    influence that results in motion, stress, etc. when applied
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  139. hand
    the (prehensile) extremity of the superior limb
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  140. mean
    denote or connote
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  141. work
    activity directed toward making or doing something
    Published in 1776, it was the first complete work on political economy.
  142. human
    a person; a hominid with a large brain and articulate speech
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  143. different
    unlike in nature, quality, form, or degree
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  144. possible
    capable of happening or existing
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  145. law
    the collection of rules imposed by authority
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  146. form
    a perceptual structure
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  147. means
    how a result is obtained or an end is achieved
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  148. nature
    the physical world including plants and animals
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  149. along
    in line with a length or direction
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  150. people
    any group of human beings collectively
    To make money, people produce things that other people are willing to buy.
  151. business
    the principal activity in one's life to earn money
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  152. used
    previously owned by another
    Smith said profits would be used to expand production, thus creating more jobs.
  153. full
    containing as much or as many as is possible or normal
    His major book was The Wealth of Nations (full title: An Inquiry into the Nature and Causes of the Wealth of Nations).
  154. best
    having the most positive qualities
    Specialization means that different workers concentrate on the specific jobs they are best fitted to perform.
  155. use
    put into service
    Smith said profits would be used to expand production, thus creating more jobs.
  156. a few
    more than one but indefinitely small in number
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  157. thus
    from that fact or reason or as a result
    Smith said profits would be used to expand production, thus creating more jobs.
  158. good
    having desirable or positive qualities
    Smith believed that the value of goods was determined primarily by the cost of production—that is, the cost of labor, land, and capital.
  159. said
    being the one previously mentioned or spoken of
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  160. hands
    guardianship over
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
  161. want
    the state of needing something that is absent or unavailable
    Buyers spend money for those things that they need or want most.
  162. see
    perceive by sight or have the power to perceive by sight
    The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade (see Mercantilism).
  163. can
    airtight sealed metal container for food or drink, etc.
    The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests.
  164. will
    the capability of conscious choice and decision
    Smith said that all this would happen without any conscious control or direction, “as if by an invisible hand.”
  165. other
    not the same one or ones already mentioned or implied
    To make money, people produce things that other people are willing to buy.
  166. few
    a small number of the persons or things being discussed
    He preached that government need only preserve law and order, enforce justice, defend the nation, and provide for a few basic services that could not be met through the market.
  167. off
    from a particular thing or place or position
    His argument for a “hands off” government policy toward business, along with his analysis of economic forces, formed the basic ideas of economic liberalism.
Created on Fri Dec 02 16:18:34 EST 2011 (updated Fri Dec 02 16:19:36 EST 2011)

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