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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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SOCIAL SCIENCE The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for letters from the Internal Revenue Service.
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John Maynard Keynes was born the same year Karl Marx died.
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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GSP
Gross State Product
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