680 B
680 B
Precious Metals Consumption
Definition
The use of gold and silver in various forms including coin, plate, jewelry, and industrial applications. This consumption creates ongoing demand for newly mined precious metals to replace losses from wear, damage, and industrial use.
Source Chapter
Book I, Chapter 11
Context
Smith discusses how the consumption of precious metals in various forms creates a continuous demand that must be met by new production, affecting their long-term value and availability.
Economic Domain
Consumption