15 Days of Economics

Day 2: Adam Smith

Adam Smith was a Scottish philosopher otherwise known as the ‘ father of economics. His most famous works include ‘An Inquiry into the Nature and Causes of the Wealth Of Nations’ which according to many is one of the most influencial books ever written. He was born in June 1723 and died in July 1790. Smith attended Kirkcaldy High School and went on to study social philosophy at the University of Glasgow and Oxford. Furthermore he was the first Scotsman to feature on an English banknote.

Personally I believe Economics is the social science reveloving the production, distribution, and consumption of goods and services. This can be split in to th study on Macroeconomics (the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity) and Microeconomics (branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms).

Economics Vocab and facts:

Scare resource — A resource that is limited in its supply

Microeconomics — How people decide to deploy scare resources

Macroeconomics — The total decisions affect the total economy

Invisible hand — The unintended social benefits on a individuals self interested actions.