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What were the economic principles of Adam Smith?
Supply and demandThe 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.
Why did Californias application for statehood caused a sectional crisis?
California's entrance as a free state would upset the legislative balance in favor of the North. California's entrance as a slave state would upset the legislative balance in favor of the South. California's entrance as a slave state would cause free African Americans there to lose their freedom. California's entrance as a free state would cause enslaved people there to be freed automatically.
Which of the following individuals would least favor the expansion and modernization o the American navy in the late 1800s?
Andrew Carnegie
What would most progressives be in favor of?
More government regulation Trust-bustingTrust-bustingThe "Progressive Era" of the late 19th century and early 20th century saw the US and western Europe politically active in wider social and economic issues, including private enterprise, labor unions, and women's suffrage. But individual opinions varied on how changes should be implemented.Most progressives favored government intervention against monopolistic trusts (trust-busting), but even Theodore Roosevelt believed in "good trusts" that efficiently advanced industries. The height of social intervention acts were the 17th, 18th and 19th amendments in 1913, 1919 and 1920 (Direct Election of Senators, Prohibition, and Women's Right to Vote).
How would the controvoversy over slavery have been affected if the supreme court had ruled in favor of dred Scott?
The Abolitionists could claim that he was a special case. There would have been no big divisive issue.
What did Adam smith predict would be the effects of a free enterprise?
As Smith had predicted,the countries with free enterprise systems grew rich and powerful.
Who were 18th 19th and 20th century economic philosophers and writers who would favor an open market with very little government involvement?
Adam Smith, John Stuart Mill,David Ricardo
What is the free enterprise system capitalism?
It’s not. All forms of capitalism drastically restrict the freedom (economic and otherwise) of the majority of the population.
Which group of 18th 19th and 20th century economic philosophers and writers would favor an open market with very little government involvement?
Adam Smith, John Stuart Mill, David Ricardo
What did Adam smith favor in?
Adam Smith favored free markets and the idea of self-interest driving economic prosperity. He believed that individuals pursuing their own interests would lead to beneficial outcomes for society as a whole, a concept famously encapsulated in his notion of the "invisible hand." Additionally, he advocated for minimal government intervention in economic affairs, promoting competition as a means to enhance efficiency and innovation. Smith's ideas laid the foundation for modern economics and capitalism.
This man's economic theory was first proposed during the American Revolution?
Adam Smith published "The Wealth of Nations" in 1776. It described a system that we would think of as "capitalism".
What would win the galactica or the enterprise?
Enterprise as the technology is superior
Can you do me a favor?
If it is within the scope of my abilities, it would be my pleasure to do you a favor.
How would you abbreviate the word 'enterprise'?
The word Enterprise is generally abbreviated to ENT.
Which group of people supported the freemarket ideas of Adam smith?
When Adam Smith published his work "Wealth Of Nations" in 1776 it was revolutionary. Opponents of new economic ideas that Smith presented were outraged. Smith's work was the beginning of modern classical economics. He advocated economic liberalism to replace the economies of the day, namely Mercantilism.Smith condemned unwarranted State control and monopoly and argued for competition, private enterprise, and free trade, as the best method for producing wealth and prosperity.Smith's supporters were peoples who saw the evils of Mercantilism which was the economic system supporting imperialism and colonialism.His supporters were people who disliked government's control of economies.This group included businessmen and free thinkers.
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.
Which party would typically favor a tax cut?
All would favor lower taxes.
