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|Adam Smith

|Adam Smith

|Adam Smith (June 16, 1723 to July 17, 1790) was a Scottish political economist and moral philosopher. He came up with the idea of the "Invisable Hand."

|(1723-1790) a Scottish political economist who wrote a book with his idea about how the "invisible hand" of capitalism will create wealth and prosperity, in the "Wealth of Nations" (1776)

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|Factors of production

|Factors of production

|(1564-1642) a Catholic Italian astronomer, a contemporary of Kepler, who improved the design of the telescope but was punished by the Church for publishing Copernicus's theory and saying the Church approved it; the Church then banned Galileo's book ("Dialogue Concerning the Two Chief Systems of the World - Ptolemaic and Copernican," published in 1532)

|(1564-1642) a Catholic Italian astronomer, a contemporary of Kepler, who improved the design of the telescope but was punished by the Church for publishing Copernicus's theory and saying the Church approved it; the Church then banned Galileo's book ("Dialogue Concerning the Two Chief Systems of the World - Ptolemaic and Copernican," published in 1532)

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|mercantilism

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|an economic system whereby a mother country (e.g., England) accumulates gold by exporting more goods than it imported, and by using her colonies (e.g., the America colonies) to ship it raw materials that could be manufactured and exported to other peoples

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