Economic Theorists

Question 1

Adam Smith

Answer 1

Responsible for popularising meant of the death that underpin the school of thought that be an known as classical economics
He believed that by selling products that the people want to buy, the makers of the product hope to make money. If they are effective in meeting the needs of their customers, they will enjoy the financial reward. While they are engaging in their enterprises for the purpose of earning money, they are also providing products that people want.

Question 2

Karl Marx

Answer 2

His main focus on social class was that ones social class dictated ones social life.
According to marks there was one social element that would determine where one fir in the social class hierarchy: that of who controls the means of production, meaning who owned the resources necessary to produce what people need to survive. The wealthy are who owned the land and factories. Lower working class works for wages on the land or in the factories

Question 3

Fredric Hayek

Answer 3

Theory on how changing prices relay information that help people determine their plans