The Wealth of Nations. The Theory of Moral Sentiments

Explain the concept of supply and demand as Smith presents it in The Wealth of Nations. How has the concept of supply and demand developed since Smith’s writing? Relate the concept to the modern global economy.

Reference an example of Smith’s division of labor that can be observed in daily life. In your example, what are the benefits of conducting the job in this manner? What are the drawbacks?

How has Smith’s concept of division of labor, and, with it, specialization, shaped our modern economy? Smith explains that increased specialization will lead to the innovation of specialized machinery to aid workers in completing tasks. Has this occurred, and, if so, has it made society better? Provide examples.