adam smith -...

ADAM SMITH

PRODUCTION GAME

Guns Food Clothes

$100 $100

PRODUCTION GAME

REVIEW

What were you all trying to do?

Did you end up meeting people’s need?

What elements added together to meet the people’s needs?

What would have happened without competition?

What sorts of things could take away competition?

Invisible Hand Monopolies

SPECIALIZATION GAME

Alone? Assembly Line

10 seconds

SPECIALIZATION GAME

REVIEW

Was it easier to make money as a team or alone?

Is specialization helpful for production?

LAW OF ACCUMULATION

GAME

Start with one arm and no eyes

Things you can buy:

• An arm for 1 gold

• An eye for 2 gold

Winner has 5 gold

LAW OF ACCUMULATION

REVIEW

What was the best strategy for gaining capital?

Was it worth investing in an arm? An eye?

In business should business leaders reinvest or sit on their money

to get richer?

ROLE OF GOVERNMENT

ROLE OF GOVERNMENT

ROLE OF GOVERMENT

ROLE OF GOVERNMENT

REVIEW

National Defense

Administration of Justice

Construction of Public Works

What role do you think Adam Smith would want the government to

play in the economy?

LAW OF ABSOLUTE

ADVANTAGE

Student 1 is an MVP basketball player.

Student 2 is a world renowned chef.

Student 3 is a navy seal, born and bred.

LAW OF ABSOLUTE

ADVANTAGE REVIEW

How do you think Adam Smith feels about high tariffs?

How do you think Adam Smith feels about Mercantilism?

ADAM SMITH’S BOO -BOO’S

Workers don’t move around to employer with highest wages

Workers don’t come and go like products

Law of Population….

ADAM SMITH

REVIEW Who is more important the producer or consumer?

Consumer is king