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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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Which economic enterprise would Adam Smith most favor?
privately owned factory in France
Who is J W Smith?
J. W. Smith is an independent economist. He founded and presides over the Institute for Economic Democracy, which promotes Smith's economic theories and research. Smith has a Ph.D. from Union Institute and University of Ohio.For the source and more detailed information concerning your request, click on the related links section indicated below.
What is the name of the set of principles that dominated economic thought in the seventeenth century?
Mercantilism
Who helped the slave trade end?
One of them was William Wilberforce and Adam Smith! Soz but that is all i know! Hope this helps you!
Did the constitution advance or set back the principles of the Revolution?
The US Constitution advance the principles of the Revolution. Many of the principles for which the Revolution was initiated were listed in the Constitution.
