# Merchant ## Definition An individual who engages in buying and selling goods, which Smith argues every person becomes in some measure in a commercial society due to the division of labour and the necessity of exchange. ## Source Chapter Book I, Chapter 4 ## Context Smith observes that in a commercial society, every individual becomes a merchant to some degree, as they must engage in exchange to obtain goods they need but do not produce themselves, making commerce the fundamental social activity. ## Economic Domain Exchange ---