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    Adam Smith. Wealth of Nations, From Chapter 5

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    Oddy
    The document discusses Adam Smith's views on labor, value, and the economy from Chapter 5 of his book "The Wealth of Nations." According to Smith, the value of any commodity is equal to the amount of labor required to produce or acquire it. Labor is seen as the real measure of a commodity's exchange value. Smith also asserts that the true price of any item is the effort it takes to obtain it, and that money simply allows people to avoid expending their own labor and instead trade for the equivalent labor of others embodied in goods.

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    Adam Smith. Wealth of Nations, From Chapter 5

    Uploaded by

    Oddy
    104 views2 pages
    The document discusses Adam Smith's views on labor, value, and the economy from Chapter 5 of his book "The Wealth of Nations." According to Smith, the value of any commodity is equal to the amount of labor required to produce or acquire it. Labor is seen as the real measure of a commodity's exchange value. Smith also asserts that the true price of any item is the effort it takes to obtain it, and that money simply allows people to avoid expending their own labor and instead trade for the equivalent labor of others embodied in goods.

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    The document discusses Adam Smith's views on labor, value, and the economy from Chapter 5 of his book "The Wealth of Nations." According to Smith, the value of any commodity is equal to the amount of labor required to produce or acquire it. Labor is seen as the real measure of a commodity's exchange value. Smith also asserts that the true price of any item is the effort it takes to obtain it, and that money simply allows people to avoid expending their own labor and instead trade for the equivalent labor of others embodied in goods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    104 views2 pages

    Adam Smith. Wealth of Nations, From Chapter 5

    Uploaded by

    Oddy
    The document discusses Adam Smith's views on labor, value, and the economy from Chapter 5 of his book "The Wealth of Nations." According to Smith, the value of any commodity is equal to the amount of labor required to produce or acquire it. Labor is seen as the real measure of a commodity's exchange value. Smith also asserts that the true price of any item is the effort it takes to obtain it, and that money simply allows people to avoid expending their own labor and instead trade for the equivalent labor of others embodied in goods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Reading and Vocabulary Worksheets

    http://www.readingcomprehensionworksheets.net/

    Adam Smith. Wealth of Nations, From Chapter 5


    Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences,
    and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small
    part of these with which a man's own labour can supply him. The far greater part of them he must derive from the
    labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or
    which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who
    means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour
    which it enables him to purchase or command. Labour therefore, is the real measure of the exchangeable value of all
    commodities.
    The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and
    trouble of acquiring it. What everything is really worth to the man who has acquired it and who wants to dispose of it, or
    exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other
    people. What is bought with money, or with goods, is purchased by labour, as much as what we acquire by the toil of
    our own body. That money, or those goods, indeed, save us this toil. They contain the value of a certain quantity of
    labour, which we exchange for what is supposed at the time to contain the value of an equal quantity. Labour was the
    first price, the original purchase money that was paid for all things. It was not by gold or by silver, but by labour, that all
    the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for
    some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.

    Define Each Word


    degree:____________________________________________________________________________________________
    __________________________________________________________________________________________________
    derive:____________________________________________________________________________________________
    __________________________________________________________________________________________________
    commodity:________________________________________________________________________________________
    __________________________________________________________________________________________________
    toil:_______________________________________________________________________________________________
    _______________________________________________________________________________________________
    dispose:___________________________________________________________________________________________
    ________________________________________________________________________________________________

    Reading and Vocabulary Worksheets

    http://www.readingcomprehensionworksheets.net/

    Write the Correct Word from the Vocabulary


    1. The value of a __________________________ , such as cotton or coal, is equal to the quantity of labor
    that lets a person buy or use it.
    2. As a society, we should be environmentally conscious when we ___________________ of our garbage.
    3. Sister Elizabeth __________________ satisfaction from helping her students understand difficult
    chemistry problems.
    4. His erratic sleep pattern indicates the _________________ of Jonathans depression.
    5. Fiction writers often __________________ for years at their craft without realizing any monetary gain.

    Comprehension and Discussion: Answer Each Question in Complete Sentences


    1. According to Smith, what is the value of any commodity?
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    2. Smith writes, The real price of everything is the toil and trouble of acquiring it. What does Smith mean by
    this statement? In your answer, include an example of an actual product.
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________
    ___________________________________________________________________________________________

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