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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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8y ago
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14y ago

the main ideas of smith was the political economy that an invisible hand guided all what money or business involved

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Q: What were the economic principles of Adam Smith?
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Free market Capitalism

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Adam believed that the state should not interfere in economic matters

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Who was the great exponent of economic and social determinism?

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