Micro Economic Forces in the Mining and Explosives Industries

Economics is a social science dealing with the allocation of scarce resources. In modern times the “science” was identified by Adam Smith in his book, The Wealth of Nations, written in 1776. Mr.Smith, highly influenced by the Mercantilists of the 17th and 18th centuries, identified the “Invisible Hand” which would lead every individual to pursue selfish rewards in purchasing goods. He speculated these selfish motives would result in the best good for all. Price would be determined by barter, at a point where self-centered customers and vendors were mutually satisfied. Today, Smith’s theory is known throughout the world as “Capitalism” but most often termed “Free Enterprise” in the United States.