668 B
668 B
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