MGM102H5 : Ch. 2 study guide

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12 Dec 2010
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Resource development: the study of how to increase resources and the creation of the conditions that will make better use of those resources. ex. Adam smith: adam smith was one of the first people to imagine a system for creating wealth and improving the lives of everyone. Rather than believing that fixed resources had to be divided among competing groups and individuals, smith envisioned creating more resources so that everyone could become wealthier. An inquiry into the nations and causes of the wealth of nations (simply called the wealth of nations) was later considered the foundation of the study and understanding of the newly developing capitalist industrial society. Adam smith believed that freedom was vital to the survival of any economy, especially the freedom to own land or property and the freedom to keep profits from working the land or owning a business.