Question

Which question would most likely help you understand this excerpt from Adam Smith's book The Wealth of Nations?
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
—Adam Smith, Scottish economist, philosopher, and author1

Answer 1

Answer:

Adam Smith: “Consumption is the sole end and purpose of all production, and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”

According to economist Adam Smith, “Consumption is the sole purpose of all production.” It means that the production of goods and services is dependent on the level of consumption.

Adam Smith was among the first philosophers of his time to declare that wealth is created through productive labor and that self-interest motivates people to put their resources to the best use. He argued that profits flowed from capital investments and that capital gets directed to where the most profit can be made.

Consumption is an activity in which institutional units use up goods or services; consumption can be either intermediate or final. It is the use of goods and services for the satisfaction of individual or collective human needs or wants.

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