Chapter1: Making Economics Decisions
Section: Chapter Questions
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![Name: Amon
Mcdina
Date: 12/6/2 i
Period
Adam Smith: Wealth of Nations
Below are some of Adam Smith's ideas about how to build a nation's wealth.
Annotate the readings appropriately.
As you read, consider the focus question (FQ): According to Adam Smith, what makes a nation wealthy?
Document 1
An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)
Book I, Chapter I: Of the Division of Labor
Pre-Reading Prediction: The title of the chapter excerpted below is Of the Division of Labor. What might the
phrase "division of labor" mean?
"To take an example [...] the trade of the pin-maker; a workman not educated to this business [...] nor
acquainted [aware or knowledgeable] with the use of the machinery [...] could [...] make one pin in a day, and
certainly could not make twenty. But in the way in which this business is now carried on, [...] it is divided into
a number of branches [...] One man draws out the wire, another straights it, a third cuts it, a fourth points it, a
fifth grinds it at the top for receiving the head [...] [T]he important business of making a pin is [...] divided into
about eighteen [...] operations [.…..] Those ten persons, therefore, could make among them upwards of forty-
eight thousand pins in a day. [...] But if they had all wrought separately and independently [...] they certainly
could not each of them have made twenty, perhaps not one pin in a day ...
1. Explain Adam Smith's perspective about the division of labor.
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Transcribed Image Text:Name: Amon
Mcdina
Date: 12/6/2 i
Period
Adam Smith: Wealth of Nations
Below are some of Adam Smith's ideas about how to build a nation's wealth.
Annotate the readings appropriately.
As you read, consider the focus question (FQ): According to Adam Smith, what makes a nation wealthy?
Document 1
An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)
Book I, Chapter I: Of the Division of Labor
Pre-Reading Prediction: The title of the chapter excerpted below is Of the Division of Labor. What might the
phrase "division of labor" mean?
"To take an example [...] the trade of the pin-maker; a workman not educated to this business [...] nor
acquainted [aware or knowledgeable] with the use of the machinery [...] could [...] make one pin in a day, and
certainly could not make twenty. But in the way in which this business is now carried on, [...] it is divided into
a number of branches [...] One man draws out the wire, another straights it, a third cuts it, a fourth points it, a
fifth grinds it at the top for receiving the head [...] [T]he important business of making a pin is [...] divided into
about eighteen [...] operations [.…..] Those ten persons, therefore, could make among them upwards of forty-
eight thousand pins in a day. [...] But if they had all wrought separately and independently [...] they certainly
could not each of them have made twenty, perhaps not one pin in a day ...
1. Explain Adam Smith's perspective about the division of labor.
flabor belns
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