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
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