Adam Smith noted in 1776 that
A)the wealth of nations comes from the money the nations have accumulated.
B)the wealth of nations comes from the gold the nations have accumulated.
C)the wealth of nations comes from the resources that produce the nation's goods and services.
D)the problem of scarcity had been licked.

Question

Quizplus · Accepted Answer

Adam Smith believed that a nation's wealth comes from the resources that are used to produce goods and services. He identified these resources as land, labor, and capital. Smith argued that by using these resources efficiently, a nation could increase its wealth and standard of living. This idea is one of the key tenets of classical economics.

Adam Smith Noted in 1776 That