As we discussed in the class, welath is a dynamic process which is not only about production but also distribution and consumption. Today, in order to understand the distribution of wealth throughout the society, we consider GDP which is called Gross Domestic Product. Apart from the countries' average incomes, we also see their ability to buy satisfying things and the consumer choice.
This semester I take Econ class and as far as I know there are 4 types of market economy which are perfect competition, monopolisitc competition, monopoly and oligopoly. So, Adam Smith's arguments about economy enabled me to make connections between these ideas.
Here is a video about Market Economy. It is about the relation between economy and the government which gives a general but effective information in order to understand this dynamic process.
https://www.youtube.com/watch?v=6yLY06tTQ1A
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