--- ENTITY: rent-of-land ---

# Rent of Land

## Definition

The payment made by a tenant to a landlord for the use of land, representing the surplus value that the land generates beyond what is required to maintain the stock employed in cultivation and provide ordinary profits to the farmer. Rent is determined by what the tenant can afford to pay based on the productive capacity of the land, not by the landlord's investment in improvements.

## Source Chapter

Book I, Chapter 11

## Context

This is the central concept of the chapter, forming the foundation for Smith's analysis of how rent functions as a component of commodity prices and how it varies with different types of land and produce. The chapter systematically examines rent's nature, determinants, and relationship to other economic factors.

## Economic Domain

Distribution

---
--- ENTITY: natural rent of land ---

# Natural Rent of Land

## Definition

The ordinary or typical rent that land commands in the market, determined by the surplus value that can be extracted from the land after maintaining the stock required for cultivation and providing ordinary profits to the farmer. This represents the price that land would naturally command in the absence of special circumstances or market distortions.

## Source Chapter

Book I, Chapter 11

## Context

Smith distinguishes between the natural rent that land would command under ordinary market conditions and the actual rent that may result from various circumstances. This concept helps explain the baseline against which other rent variations can be measured.

## Economic Domain

Distribution

---
--- ENTITY: monopoly price of land ---

# Monopoly Price of Land

## Definition

The price paid for the use of land that exceeds what would be paid under competitive conditions, arising from the landlord's exclusive control over a particular piece of land. This price is determined by what the tenant can afford to pay rather than by the cost of providing the land.

## Source Chapter

Book I, Chapter 11

## Context

Smith argues that rent is essentially a monopoly price because it is not determined by the cost of providing the land but by what the tenant can afford to pay based on the land's productive capacity. This concept is crucial for understanding how rent differs from other forms of economic returns.

## Economic Domain

Distribution

---
--- ENTITY: corn rent ---

# Corn Rent

## Definition

Rent paid in the form of a portion of the agricultural produce, particularly grain, rather than in money. This form of rent directly ties the landlord's income to the productivity of the land and the success of the harvest.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how rent can be paid either in kind (corn rent) or in money, and how this distinction affects the relationship between landlords and tenants. Corn rent provides a more direct connection between land productivity and landlord income.

## Economic Domain

Distribution

---
--- ENTITY: money rent ---

# Money Rent

## Definition

Rent paid in monetary form rather than in agricultural produce. This represents the market value of the land's productive capacity expressed in currency terms.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the transition from corn rent to money rent affects the relationship between landlords and tenants, and how money rent provides a more flexible and standardized form of payment that can better reflect market conditions.

## Economic Domain

Distribution

---
--- ENTITY: unimproved land ---

# Unimproved Land

## Definition

Land that has not been enhanced through human investment in drainage, fencing, clearing, or other improvements that increase its productive capacity. Even unimproved land can command rent based on its natural productive qualities.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses examples of unimproved land, such as kelp-producing shores and uncultivated pastures, to demonstrate that rent is not solely a function of human improvements but also reflects the natural productive capacity of land.

## Economic Domain

Production

---
--- ENTITY: improved land ---

# Improved Land

## Definition

Land that has been enhanced through human investment in cultivation, drainage, fencing, clearing, or other modifications that increase its productive capacity beyond its natural state.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how improvements to land affect its productive capacity and, consequently, the rent it can command. Improved land typically generates higher rents due to its increased productivity.

## Economic Domain

Production

---
--- ENTITY: pasture land ---

# Pasture Land

## Definition

Land used primarily for grazing livestock, particularly cattle and sheep. The rent of pasture land is determined by its capacity to support animals and the market value of the livestock products it produces.

## Source Chapter

Book I, Chapter 11

## Context

Smith analyzes how the rent of pasture land varies with its quality and location, and how it competes with corn land in the agricultural economy. He examines the factors that determine whether land is more profitably used for pasture or cultivation.

## Economic Domain

Production

---
--- ENTITY: corn land ---

# Corn Land

## Definition

Land used for growing grain crops, particularly wheat and other cereals. The rent of corn land is determined by its productivity in grain production and the market price of grain.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how corn land serves as the baseline for determining rents of other types of land, as grain production is the most fundamental agricultural activity and provides the subsistence for most of the population.

## Economic Domain

Production

---
--- ENTITY: vineyard ---

# Vineyard

## Definition

Land specifically cultivated for grape production to make wine. Vineyards often command premium rents due to the high value of wine and the limited geographical areas suitable for viticulture.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses vineyards as an example of land that can command exceptionally high rents due to the high value of its produce and the limited supply of suitable land. He discusses how vineyard rents are regulated by the profitability of corn production.

## Economic Domain

Production

---
--- ENTITY: kitchen garden ---

# Kitchen Garden

## Definition

Land used for growing vegetables and herbs for household consumption. Kitchen gardens require intensive cultivation and can command higher rents per unit area than field crops due to their high value relative to the land they occupy.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses kitchen gardens as an example of high-value agricultural production that can justify intensive cultivation and higher rents, particularly when located near urban markets where fresh produce commands premium prices.

## Economic Domain

Production

---
--- ENTITY: hop garden ---

# Hop Garden

## Definition

Land specifically cultivated for growing hops, used primarily in beer production. Hop gardens represent a specialized form of agriculture that can command higher rents due to the value of the crop and the intensive cultivation required.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses hop gardens as an example of specialized agricultural production that requires more investment and care than general field crops, and therefore can command higher rents and profits.

## Economic Domain

Production

---
--- ENTITY: fruit garden ---

# Fruit Garden

## Definition

Land used for growing fruit trees and bushes. Fruit gardens represent a long-term investment in agriculture that can command premium rents due to the high value of fruit relative to the land required for its production.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses fruit gardens as another example of specialized agricultural production that can justify higher rents due to the value of the produce and the care required for successful cultivation.

## Economic Domain

Production

---
--- ENTITY: fruit-wall ---

# Fruit-Wall

## Definition

A wall constructed around a kitchen garden or orchard to protect fruit trees from wind and to create a warmer microclimate that extends the growing season. The cost of building and maintaining fruit-walls is justified by the higher value of the protected fruit production.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses fruit-walls as an example of agricultural improvements that increase the value of land by enabling the production of higher-value crops that would not otherwise be viable in the local climate.

## Economic Domain

Production

---
--- ENTITY: sugar colonies ---

# Sugar Colonies

## Definition

Plantations in tropical regions, particularly in the West Indies, that produce sugar cane for export to European markets. These colonies represent a form of specialized agricultural production that commands exceptionally high profits and rents due to the high value of sugar and the limited geographical areas suitable for its cultivation.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses sugar colonies as an extreme example of land that can command rents far exceeding those of ordinary agricultural land, due to the combination of high-value production and limited suitable territory.

## Economic Domain

Production

---
--- ENTITY: tobacco colonies ---

# Tobacco Colonies

## Definition

Plantations in North America, particularly Virginia and Maryland, that produce tobacco for export to European markets. Tobacco cultivation represents a specialized form of agriculture that can command high rents due to the value of the crop and the limited suitable land.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses tobacco colonies as another example of specialized agricultural production that can command rents exceeding those of ordinary agricultural land, though typically not as high as sugar colonies due to greater competition and more widely available suitable land.

## Economic Domain

Production

---
--- ENTITY: rice countries ---

# Rice Countries

## Definition

Regions where rice is the primary agricultural product and staple food, such as parts of Asia and the American South. Rice cultivation typically requires specific environmental conditions and intensive labor, leading to different economic dynamics than wheat-producing regions.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses rice countries to illustrate how the nature of the primary agricultural product affects the distribution of economic returns, particularly how rice cultivation can support higher rents due to its high productivity per acre.

## Economic Domain

Production

---
--- ENTITY: potato cultivation ---

# Potato Cultivation

## Definition

The agricultural practice of growing potatoes as a staple food crop. Potato cultivation can support higher population densities and potentially higher rents than grain cultivation due to its higher productivity per acre and nutritional value.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses potato cultivation as a potentially revolutionary agricultural practice that could support larger populations and higher rents than traditional grain cultivation, though he notes the practical difficulties of storage and preservation.

## Economic Domain

Production

---
--- ENTITY: artificial grasses ---

# Artificial Grasses

# Turnips

# Carrots

# Cabbages

## Definition

Cultivated forage crops, including clover and other legumes, as well as root vegetables like turnips, carrots, and cabbages, that can be grown to feed livestock during seasons when natural pasture is unavailable. These crops increase the productivity of pasture land by enabling year-round animal husbandry.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how the introduction of artificial grasses and root crops has affected the relative prices of butcher's meat and bread, demonstrating how agricultural innovations can change the economic relationships between different types of production.

## Economic Domain

Production

---
--- ENTITY: inclosure ---

# Inclosure

## Definition

The practice of surrounding land with fences, hedges, or walls to create defined agricultural units. Inclosure increases the productivity of land by enabling better control of livestock, more intensive cultivation, and protection of crops from damage.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how inclosure affects land rents and agricultural productivity, arguing that it is particularly beneficial for pasture land and that the high rents currently commanded by inclosed land in Scotland are due to temporary scarcity rather than permanent advantage.

## Economic Domain

Production

---
--- ENTITY: public fiars ---

# Public Fiars

## Definition

Official annual valuations of grain prices conducted by assize courts in Scotland to establish fair prices for various grains and qualities. These valuations provided a standardized basis for converting corn rents to money rents and for other legal and commercial purposes.

## Source Chapter

Book I, Chapter 11

## Context

Smith mentions public fiars as an example of how governments have attempted to regulate grain prices and provide stability in agricultural markets, though he generally favors market-determined prices over official valuations.

## Economic Domain

Regulation

---
--- ENTITY: conversion price ---

# Conversion Price

## Definition

The price at which agricultural produce, particularly grain, could be converted from payment in kind to payment in money under Scottish agricultural tenancy agreements. This price was typically set below market rates to protect tenants from excessive charges.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses conversion prices as an example of how agricultural rents were historically structured and how they affected the relationship between landlords and tenants in Scotland.

## Economic Domain

Distribution

---
--- ENTITY: statute of labourers ---

# Statute of Labourers

## Definition

The English law enacted in 1351 during the reign of Edward III that attempted to regulate wages and prices following the labor shortages caused by the Black Death. The statute set maximum wages and prices for various goods and services.

## Source Chapter

Book I, Chapter 11

## Context

Smith references the Statute of Labourers as historical evidence of grain prices in the 14th century, using it to trace the changes in the value of silver relative to corn over time.

## Economic Domain

Regulation

---
--- ENTITY: assize of bread and ale ---

# Assize of Bread and Ale

## Definition

Medieval English regulations that set the prices of bread and ale based on the prices of wheat and barley. These statutes attempted to maintain stable prices for essential food items by adjusting their prices according to grain market conditions.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses the assize of bread and ale as another historical example of price regulation, using it to trace the changes in grain prices and the value of silver over time.

## Economic Domain

Regulation

---
--- ENTITY: exportation bounty ---

# Exportation Bounty

## Definition

A government subsidy paid to encourage the export of grain, particularly wheat. The bounty was designed to support agricultural prices and encourage production by making exports more profitable.

## Source Chapter

Book I, Chapter 11

## Context

Smith analyzes how the bounty on grain exports affected domestic grain prices and agricultural production, arguing that it raised prices in the home market and may have discouraged rather than encouraged tillage in the long run.

## Economic Domain

Regulation

---
--- ENTITY: kelp ---

# Kelp

## Definition

A type of seaweed that, when burned, produces an alkaline salt used in glassmaking, soap production, and other industrial processes. Kelp grows on rocky shores within the high-water mark and can be harvested without cultivation.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses kelp as an example of a natural product that can command rent even though it requires no human improvement, demonstrating that rent is not solely a function of agricultural improvements but also reflects the natural productive capacity of land.

## Economic Domain

Production

---
--- ENTITY: wood price ---

# Wood Price

## Definition

The market price of timber and firewood, which varies with the state of agriculture and population density. As agriculture advances and reduces forest land, the price of wood typically rises due to increased scarcity.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the price of wood serves as an alternative fuel source to coal and how changes in wood prices affect the demand for coal and the rents of coal mines.

## Economic Domain

Production

---
--- ENTITY: coal price ---

# Coal Price

## Definition

The market price of coal, which is influenced by its abundance, transportation costs, and the availability of alternative fuels. Coal prices tend to be lower in coal-producing regions and higher in areas dependent on imported coal.

## Source Chapter

Book I, Chapter 11

## Context

Smith analyzes coal prices as an example of how the rent component in commodity prices varies with the natural abundance of resources, arguing that coal rents are typically lower than rents for agricultural land due to the greater abundance of coal mines.

## Economic Domain

Production

---
--- ENTITY: silver price variation ---

# Silver Price Variation

## Definition

The changes over time in the value of silver relative to other commodities, particularly corn. These variations reflect changes in the supply of silver from mines and changes in the demand for silver as commerce and wealth increase.

## Source Chapter

Book I, Chapter 11

## Context

Smith provides a detailed analysis of how the value of silver has changed relative to corn over the past four centuries, using this as evidence for his theories about the relationship between wealth, commerce, and the value of precious metals.

## Economic Domain

Exchange

---
--- ENTITY: gold price variation ---

# Gold Price Variation

## Definition

The changes over time in the value of gold relative to silver and other commodities. These variations are influenced by the relative abundance of gold and silver mines and the different uses to which the metals are put.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the relative values of gold and silver have changed over time, particularly after the discovery of American mines, and how this affects their use in different economic functions.

## Economic Domain

Exchange

---
--- ENTITY: precious metals consumption ---

# 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

---
--- ENTITY: annual consumption of metals ---

# Annual Consumption of Metals

## Definition

The total amount of gold and silver used up each year through wear, damage, industrial processes, and other forms of consumption that remove these metals from circulation or usable form.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the annual consumption of precious metals must be balanced by new production to maintain stable supplies, and how this consumption affects their long-term value.

## Economic Domain

Consumption

---
--- ENTITY: mine fertility ---

# Mine Fertility

## Definition

The productivity of a mineral mine in terms of the quantity of valuable material that can be extracted per unit of labor and capital invested. Mine fertility varies significantly between different mines and affects the price and rent of the extracted minerals.

## Source Chapter

Book I, Chapter 11

## Context

Smith uses the concept of mine fertility to explain why the rent component in mineral prices is typically lower than in agricultural products, as mineral deposits are generally more abundant and less geographically concentrated than fertile agricultural land.

## Economic Domain

Production

---
--- ENTITY: mine situation ---

# Mine Situation

## Definition

The geographical location of a mineral mine and its accessibility to markets and transportation infrastructure. Mine situation can significantly affect the cost of production and the price that can be obtained for the extracted minerals.

## Source Chapter

Book I, Chapter 11

## Context

Smith argues that for mineral extraction, the situation of the mine is often more important than its fertility in determining profitability, as transportation costs can significantly affect the competitiveness of mineral products in distant markets.

## Economic Domain

Production

---
--- ENTITY: landlord's share ---

# Landlord's Share

## Definition

The portion of the total produce from land that goes to the landlord as rent, distinct from the portions that go to the farmer as profit and to laborers as wages. The landlord's share increases with the productivity of the land and the efficiency of cultivation.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the landlord's share of agricultural produce is determined by the surplus value created by the land after all necessary costs of production have been met, and how this share varies with different types of land and agricultural practices.

## Economic Domain

Distribution

---
--- ENTITY: farmer's profit ---

# Farmer's Profit

## Definition

The return to the agricultural entrepreneur for the use of capital and management in farming operations. This profit must be sufficient to compensate for the risk and effort involved in cultivation and to provide a return comparable to other forms of investment.

## Source Chapter

Book I, Chapter 11

## Context

Smith analyzes how farmers' profits are determined by the productivity of the land and the efficiency of cultivation, and how these profits must be sufficient to maintain and improve the stock employed in agriculture.

## Economic Domain

Distribution

---
--- ENTITY: agricultural stock ---

# Agricultural Stock

## Definition

The capital invested in farming operations, including livestock, implements, seeds, and other materials necessary for cultivation. This stock must be maintained and renewed to ensure continued agricultural production.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how the maintenance and improvement of agricultural stock is essential for continued productivity and how the returns from farming must be sufficient to maintain this stock while providing profits to the farmer and rent to the landlord.

## Economic Domain

Production

---
--- ENTITY: labouring cattle ---

# Labouring Cattle

## Definition

Animals used for agricultural work, particularly oxen and horses that pull plows and perform other farm tasks. The cost of maintaining labouring cattle is a significant component of agricultural expenses.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the cost and availability of labouring cattle affect agricultural productivity and how improvements in cattle breeding and feeding can increase the efficiency of farming operations.

## Economic Domain

Production

---
--- ENTITY: agricultural improvement ---

# Agricultural Improvement

## Definition

Enhancements to farming practices and land productivity through better cultivation techniques, crop rotation, drainage, fencing, and other methods that increase the yield and value of agricultural land.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how agricultural improvements increase land productivity and rents, and how the benefits of these improvements are distributed between landlords, farmers, and consumers.

## Economic Domain

Production

---
--- ENTITY: agricultural cultivation ---

# Agricultural Cultivation

## Definition

The practice of preparing and using land for growing crops and raising livestock. Cultivation includes all activities from soil preparation to harvest and requires significant labor and capital investment.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how different levels of cultivation affect land productivity and rents, and how the extension of cultivation influences agricultural prices and the distribution of economic returns.

## Economic Domain

Production

---
--- ENTITY: agricultural surplus ---

# Agricultural Surplus

## Definition

The excess produce from agricultural land beyond what is required to maintain the farmers, laborers, and livestock necessary for cultivation. This surplus forms the basis for rent payments to landlords and supports non-agricultural economic activities.

## Source Chapter

Book I, Chapter 11

## Context

Smith argues that rent is fundamentally based on agricultural surplus, as it represents the portion of production that remains after all necessary costs of cultivation have been met.

## Economic Domain

Production

---
--- ENTITY: agricultural demand ---

# Agricultural Demand

## Definition

The market demand for agricultural products, which determines the prices that farmers can obtain for their produce and consequently affects the rents that agricultural land can command.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how changes in agricultural demand, whether from population growth, changes in consumption patterns, or improvements in transportation, affect agricultural prices and rents.

## Economic Domain

Exchange

---
--- ENTITY: agricultural supply ---

# Agricultural Supply

## Definition

The quantity of agricultural products available in the market, determined by the extent of cultivation, weather conditions, and other factors affecting production. Agricultural supply directly influences market prices and rents.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how variations in agricultural supply, whether from seasonal conditions or longer-term changes in cultivation practices, affect agricultural prices and the distribution of economic returns.

## Economic Domain

Production

---
--- ENTITY: agricultural productivity ---

# Agricultural Productivity

## Definition

The efficiency with which agricultural land produces crops and livestock, typically measured as output per unit of land or per unit of labor. Agricultural productivity is a key determinant of land rents and agricultural profits.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how improvements in agricultural productivity through better techniques and technologies increase land rents and reduce the real cost of food, supporting broader economic development.

## Economic Domain

Production

---
--- ENTITY: agricultural efficiency ---

# Agricultural Efficiency

## Definition

The effectiveness with which agricultural resources are used to produce desired outputs, including the optimal allocation of land, labor, and capital in farming operations. Agricultural efficiency affects both productivity and profitability.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how improvements in agricultural efficiency through better management and technology increase the surplus available for rent and support economic growth.

## Economic Domain

Production

---
--- ENTITY: agricultural technology ---

# Agricultural Technology

## Definition

The tools, techniques, and methods used in farming operations, including implements, crop varieties, cultivation practices, and management systems. Agricultural technology determines the productivity and efficiency of agricultural production.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how improvements in agricultural technology increase productivity and rents, and how the adoption of new technologies varies with economic conditions and market incentives.

## Economic Domain

Production

---
--- ENTITY: agricultural market integration ---

# Agricultural Market Integration

## Definition

The degree to which different agricultural markets are connected through trade and transportation, allowing prices to equalize across regions and enabling more efficient allocation of agricultural resources.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how improvements in transportation and trade integration affect agricultural markets, enabling regions to specialize in their most productive activities and increasing overall economic efficiency.

## Economic Domain

Exchange

---
--- ENTITY: agricultural specialization ---

# Agricultural Specialization

## Definition

The concentration of agricultural production on specific crops or livestock that are best suited to local conditions, enabled by market integration and transportation improvements. Agricultural specialization increases productivity and economic efficiency.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how agricultural specialization, facilitated by market integration, allows regions to focus on their most productive activities and increases overall economic efficiency and productivity.

## Economic Domain

Production

---
--- ENTITY: agricultural comparative advantage ---

# Agricultural Comparative Advantage

## Definition

The relative efficiency with which different regions can produce various agricultural products, determined by natural conditions, accumulated knowledge, and existing capital investments. Agricultural comparative advantage guides the international division of labor in farming.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how different regions have natural advantages for producing different agricultural products, and how market forces guide the specialization of agricultural production to maximize overall efficiency.

## Economic Domain

Production

---
--- ENTITY: agricultural trade ---

# Agricultural Trade

## Definition

The exchange of agricultural products between different regions or countries, enabled by transportation infrastructure and market institutions. Agricultural trade allows regions to access products they cannot efficiently produce themselves.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how agricultural trade affects domestic agricultural markets, influences land rents, and contributes to overall economic development by enabling regions to specialize according to their comparative advantages.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price mechanism ---

# Agricultural Price Mechanism

## Definition

The market process through which agricultural prices are determined by the interaction of supply and demand, signaling information about scarcity and abundance to producers and consumers. Agricultural price mechanisms guide resource allocation in farming.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how agricultural price mechanisms function to allocate resources efficiently, though he notes that government interventions like bounties and price regulations can distort these mechanisms and reduce economic efficiency.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price regulation ---

# Agricultural Price Regulation

## Definition

Government interventions in agricultural markets aimed at controlling prices through mechanisms such as price floors, ceilings, or stabilization schemes. Agricultural price regulation can affect production incentives and market efficiency.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines various forms of agricultural price regulation, including the Statute of Labourers and the Assize of Bread and Ale, arguing that such interventions often reduce economic efficiency and harm the interests they aim to protect.

## Economic Domain

Regulation

---
--- ENTITY: agricultural price stability ---

# Agricultural Price Stability

## Definition

The degree to which agricultural prices remain relatively constant over time, unaffected by short-term fluctuations in supply or demand. Agricultural price stability can be pursued through various policy interventions and market mechanisms.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses the desirability and feasibility of agricultural price stability, arguing that attempts to stabilize prices often create more problems than they solve and that market-determined prices better serve long-term economic interests.

## Economic Domain

Regulation

---
--- ENTITY: agricultural price volatility ---

# Agricultural Price Volatility

## Definition

The degree to which agricultural prices fluctuate over time due to changes in supply, demand, weather conditions, and other factors affecting production and consumption. Agricultural price volatility can create uncertainty for producers and consumers.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines the causes and consequences of agricultural price volatility, arguing that while short-term fluctuations can be disruptive, long-term price trends reflect fundamental economic conditions and should not be artificially suppressed.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price discovery ---

# Agricultural Price Discovery

## Definition

The process by which market prices for agricultural products are established through the interaction of buyers and sellers, reflecting information about supply, demand, and production costs. Agricultural price discovery enables efficient resource allocation.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how agricultural price discovery functions in different market conditions and how government interventions can interfere with this process, reducing the efficiency of agricultural markets.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price transmission ---

# Agricultural Price Transmission

## Definition

The process by which price changes in one agricultural market or region affect prices in other markets, facilitated by trade and transportation. Agricultural price transmission enables markets to respond to changes in supply and demand conditions.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how improvements in transportation and market integration affect agricultural price transmission, enabling more efficient resource allocation and reducing regional price disparities.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price discrimination ---

# Agricultural Price Discrimination

## Definition

The practice of charging different prices for the same agricultural product in different markets or to different customers, based on their willingness or ability to pay. Agricultural price discrimination can increase seller profits but may reduce economic efficiency.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses how agricultural price discrimination occurs in different markets and how transportation costs and market conditions affect the ability of sellers to practice price discrimination.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price elasticity ---

# Agricultural Price Elasticity

## Definition

The responsiveness of agricultural supply and demand to changes in prices, measured as the percentage change in quantity supplied or demanded divided by the percentage change in price. Agricultural price elasticity affects how markets respond to price changes.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how agricultural supply and demand respond to price changes over different time periods, noting that supply is typically less elastic in the short run due to the biological constraints of agricultural production.

## Economic Domain

Exchange

---
--- ENTITY: agricultural price floors ---

# Agricultural Price Floors

## Definition

Minimum prices set by government for agricultural products, typically above market equilibrium levels, intended to support producer incomes. Agricultural price floors can lead to surpluses and market inefficiencies.

## Source Chapter

Book I, Chapter 11

## Context

Smith discusses various forms of agricultural price support, including the bounty on grain exports, arguing that such interventions often create more problems than they solve and reduce overall economic efficiency.

## Economic Domain

Regulation

---
--- ENTITY: agricultural price ceilings ---

# Agricultural Price Ceilings

## Definition

Maximum prices set by government for agricultural products, typically below market equilibrium levels, intended to protect consumer interests. Agricultural price ceilings can lead to shortages and reduced quality.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines historical examples of agricultural price ceilings, including the Statute of Labourers, arguing that such interventions often harm the very groups they aim to protect and reduce economic efficiency.

## Economic Domain

Regulation

