The Wealth of Nations is not determined by its oil, gold, and silver reserve's,but rather by the productivity of it's citizens and the efficiency of it's economy.
The system of free trade in which individuals and businesses are free to operate exchange goods and services without interference from the government (Authority).
The roles of specialization and division of labor can increase productivity and economic growth.
When the individual's specialize in a particular tasks and focus on improving their skills and efficiency in that area, they can produce more goods and services in less time, leading to increased Wealth for the Nation
The importance of competition in driving innovation and efficiency in an economy I believes that competition between the firms and individuals encourages them to continually seek out new Way to improve their products and reduce costs leading to increased efficiency and economic growth of the Nation.
Lextion Jeremiah Lazarus
Comments