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Adam Smith
He was an 18th-century Scottish economist and philosopher, best known for his work "The Wealth of Nations", which laid the foundation for classical economics and the concept of an 'invisible hand' guiding free markets.
Economic Role
The function or position held by entities such as individuals, firms, or institutions within an economy, contributing to the production, distribution, and consumption of goods and services.
Federal Government
The national government of a federated state, which holds the authority to govern at a level above individual states or provinces.
Socialist Systems
Political and economic theories advocating for the ownership and administration of the means of production and distribution by the community as a whole or by a centralized government to achieve equal distribution of wealth and the elimination of social classes.
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