Short answer questions

Clarity and coherence of answers Demonstration of the ability to interpret and synthesize the reading materials Q1) Smith defines wealth as the stock of (consumer and capital) goods of a country in a definite period of time. Wealth increases due to the division of labour, while the extent of the division of labour depends in large measure on the extent of the market. Smith focuses his attention on prices next. He argues that all goods have two distinct prices. Explain how both prices (of goods) are determined and how these prices nonetheless are related. Q2) Who is Anne Robert Jacques Turgot and Francois Quesnay? Briefly discuss both main contribution in economics? Q3) Who is John Stuart? Briefly discuss his main contribution in economics