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Supply and demand

The economist Adam Smith believed prices and profits depended on supply- the amount of goods and service available- and demand- the desire for those goods. As demand goes up, supply goes down.

Adam Smith opposed mercantilism and monopolies. He believed that the law of supply and demand and the law of competition would regulate a free market.
Adam Smith is often touted as the world's first free-market capitalist. The ideas that underpin the school of thought that became known as classical economics.

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Merits of Adam Smith definition?

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Father of Economics is Adam Smith


What type of economic system did Adam smith provide?

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ADAM SMITH is generally regarded as the father of economics.


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adam smith is the father of Economics.


Why is Adam smith called the father of capitalism?

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Do you think Adam Smith supported industrialization why or why not?

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What did Adam smith advocated?

Adam Smith advocated for the principles of free markets and the importance of self-interest in economic transactions. He believed that individuals pursuing their own interests would inadvertently contribute to the overall economic well-being of society, a concept famously illustrated in his work "The Wealth of Nations." Smith also emphasized the significance of competition and limited government intervention in fostering economic growth and innovation. His ideas laid the foundation for classical economics and continue to influence economic thought today.


What economic idea did the us adopt from Adam smith?

Laissez-faire


What economic system did Adam smith follow?

Free market Capitalism


What ideas did Adam Smith contribute to economic thought?

Adam Smith, a Scottish economist, is known for his ideas on free markets and the concept of the "invisible hand." He believed that individuals pursuing their own self-interest would unintentionally benefit society as a whole. Smith also emphasized the importance of specialization and division of labor in increasing productivity and economic growth. His work laid the foundation for classical economics and the principles of capitalism.


What did Adam smith mean by laissez faire?

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