Adam Smith

question 206

Multiple Choice

Adam Smith:

• A) believed that trade in local communities is good for the economy, but trading with people located in foreign countries is bad for the economy.
• B) did not discuss or have an opinion about international trade.
• C) argued that it is beneficial to buy a product if the seller can sell it to us cheaper than we can make it for ourselves, regardless of the product's country of origin.
• D) believed that trade in local communities is bad for the economy, but trading with people located in foreign countries is good for the economy.

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Definitions:

Logistical Function

Logistical function involves planning, implementing, and controlling the efficient and effective forward and reverse flow and storage of goods, services, and related information from point of origin to point of consumption.

Hardware Store

A retail establishment selling tools, building materials, and supplies for home improvements, repairs, and maintenance.

Refinishing Table

The process of restoring the surface of a table to its original or new condition through sanding, painting, staining, or applying a protective coating.

Logistical Function

Involves the planning, implementation, and coordination of complex operations such as moving goods from the point of origin to the point of consumption.