Final answer:
Adam Smith introduced key ideas of capitalism, including the division of labor and the invisible hand. Some pros of capitalism are increased competition and economic growth, while some cons are income inequality and a lack of environmental regulation.
Step-by-step explanation:
Adam Smith, the father of capitalism, introduced key ideas such as the division of labor, worker productivity, and the concept of the invisible hand. The invisible hand represents the self-regulating nature of the free market, where the supply and demand of goods and services are balanced naturally. Smith believed in minimal government intervention in the economy, allowing the free market to dictate the flow of goods. Some pros of capitalism include increased competition, economic growth, and individual freedom, while some cons include income inequality and a potential lack of environmental regulation.