1. A simple system of natural liberty in which people are allowed to spend their capital in pursuit of any (legal) interest the please. This system serves to stimulate and promote economic growth.
2. According to Smith, government involvement in the economy serves only to stifle its growth, rather than to promote economic growth (which is actually the intention of the government, to promote growth).
3. The ideas of Montesqueiu (separation of of powers reference regarding the responsibilities of the sovereign) and Rousseau (concept of inequality: i.e. the workers’ responsibilities compared to the monarch or sovereign’s responsibilities).
4. Division of labor is the division of the certain tasks required to make a product among a number of workers. It allows each worker to work on one specific part of the construction, rather than creating the whole item (basically, the workers form an assembly line, which increases efficiency).
5. Smith talks about the roughly eighteen distinct manufacturing operations required to make a pin, and how each worker is responsible for at most two tasks, thereby increasing efficiency.
6. Smith talks about how each individual worker would be able to produce maybe one pin/day if he was working alone (due to lack of skill), whereas the ten workers together produced 48000 pins in one day, due to the division of labor (a worker need only be familiar with one or two parts of the pin’s construction).
7. The division of labor allows for the use of less skilled workers, since each worker only needs to be familiar with the construction for, at most, two parts of the object being produced (in this case, the pin).