Questions what is the main features of the socialist economy?

Give general information about Adam Smith’s book “Nature and Causes of the Wealth of Nations”

Key words: 1776 year, classical economy, labor.
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets.

61. 
    Who is Thomas Robert Malthus? Give example from his theories.
    

Key words: population growth, poor lows, industrial revolution.
Thomas Malthus (1766 -1834) was a political economist and Enlightenment thinker who observed the growing population with increasing concern. To explain poverty, dearth and famine he wrote a famous essay at the end of the 18th century entitled An Essay on the Principle of Population

62. 
    What is Demand?
    

Key words: price, income, goods.
Demand: The amount of a good or service that an individual is willing and able to buy at each possible price. Demand curve/function: A graph or equation relating the quantity of goods or services that consumers demand and the price per unit of those goods or services.

63. 
    What is Supply?
    

Key words: price, product, market.
Supply and demand are an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity

64.