What fundamental economic principal does Smith Address when he says that it is necessary to have a limited quantity of something to sell in order to be a successful merchant?

Question

The Wealth of Nations

What fundamental economic principal does Smith Address when he says that it is necessary to have a limited quantity of something to sell in order to be a successful merchant?

From chapter 4 : of the origin and use of money from an inquiry into the wealth of nations

Asked by katrina r #348699 on 12/4/2013 6:33 PM

Last updated by jill d #170087 on 12/30/2020 1:36 PM

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Answered by jill d #170087 on 12/30/2020 1:34 PM

Smith is addressing supply and demand. The lower supply and high demand drives prices up.... excessive product.... more than the demand, drives the price down.

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