Question

identify the statements that describe the ideas adam smith expressed in the wealth of nations, published in 1776.

Answer 1

The statements that describe the ideas that Adam Smith expressed in the wealth of nations are:

• The invisible hand.

• The natural laws of supply and demand

The invisible hand theory is a principle that Adam proposed that Individuals in a society should be left to act in their own best interests because the society would gain from it in the long run.

The natural laws of demand and supply is a function of the invisible hand which is automatically responsible for prices and market distributions in the economy

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