3) Consumer sovereignty concerns the principle of hedonism, individualism and, as some economists often say, selfishness, or exacerbated individual freedom, where the human being has complete freedom to do, whatever he wants and understands and, anywhere, nothing interferes with the decisions of those who need to satisfy their needs. This economic philosophy adopts the principle of laissez faire, or in other words, what works is Adam Smith's infamous <u>invisible hand</u>, or more clearly, the system where the government does not interfere in the economy, it exists only to coordinate the political and social system, without active participation in the development of economic activity. It is what is called in the classic and neoclassical language, an economy of free competition, that is to say, everyone is free before their preferred choices.
4) The economic system in the US is <u>free enterprise.</u> Free enterprise is a principle that establishes the possibility for ordinary people to participate in the market without the need for authorization or approval by the State. If you have the possibility to open a company, sell a product and negotiate the price that is right for you, you owe it to the principle of free enterprise.
The government has a fundamental role in the economic system, such as legislating, placing wealth in the market, as well as inspecting these systems.
5) The price floor wage is the lowest wage a company can pay for an employee. It is established by law and is reassessed every year based on the cost of living of the population, its creation was made based on the minimum amount that a person spends to guarantee their survival.
The most common price floor is the minimum wage--a minimum price that can be payed for labor.
A.national security council
b.office of policy development
Muhammad's agricultural reform made favorable and unfavorable results for the farmers. However, it did some positive effects in the end.
To get separated from the Ottoman Empire, he did some drastic changes. He forced farmers to work and took their farm lands. He profited from it and gave more pay to the farmers. After improving agriculture, he opened of industries where he can create military weapons. He supported more industries in his power and educated Egyptians.
Improving agriculture made opportunities to build and improve industries. To be more successful he invested in education and let his people be experts by gaining different skills learn. This helped him with his other more reforms.
There was a recession when Nixon took office. He essentially came in and helped clean up the economy. To answer your question the condition, of the American economy, was poor.
Hi!
The answer is James Madison , he wrote the initial draft called the Virginia Plan . Also 55 delegates were involved.
Hope it helps and have a wonderful day!
