1. Markets a. : a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights. b. Primary role of the : protect property rights (both physical and intellectual) c. Hand: the tendency of free markets to regulate themselves by means of , and and i. Markets will allocate goods and service being consumedfproduced based on 2. Smith is also known for creating the concept of 3. : According to this theory, dangerous or undesirable jobs tend to pay higher wages as a way of attracting workers to these positions. 4. and of : Labors should preform a job that they are relatively better at (comparative advantage) 5. Assembly-Line Production Methods