ADAM SMITH CAPITALISM MARCH 23 2017 ADAM SMITH

ADAM SMITH & CAPITALISM MARCH 23, 2017

ADAM SMITH & CAPITALISM BELLWORK • HW: Study Guide (Due 3/28) • Do you agree with this statement? • “…that the government should intervene as little as possible in economic affairs and leave the market to its own devices. It advocates for the freedom of economic production from all regulation in order to benefit the people. ”

STANDARD • Standard 7. 63 – Explain the origins of modern capitalism, the influence of mercantilism, and the cottage industry; the elements and importance of a market economy in 17 th century Europe; the changing international trading and marketing patterns; including their locations on a world map; and the influence of explorers and mapmakers. • Objective – I can explain the origins and basics of capitalism • Homework – Study Guide #’s 17 -19

NOTES & QUESTIONS • Read the handout, “Adam Smith and Capitalism”. • Take notes using a graphic organizer that includes the terms below: • Adam Smith, Capitalism, The Wealth of Nations, and Laissezfaire • Once notes are completed, answer the questions in complete sentences.

S-O-S SUMMARY • Statement: “…that the government should intervene as little as possible in economic affairs and leave the market to its own devices. It advocates for the freedom of economic production from all regulation in order to benefit the people. ” • Opinion: Choose one – Agree or Disagree • Support: your opinion with evidence (facts, data, reason, examples, etc. ) • Write a 5 -7 sentence paragraph using the information from the SOS above