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Ira Lisetskai [31]
3 years ago
11

The three main ideas behind capitalism as defined by Adam Smith are

History
2 answers:
xeze [42]3 years ago
8 0

Answer:

Three main ideas behind capitalism are followings:

1. Self-interest

2. Competition

3. laissez-faire.

Explanation:

Adam smith is known as the father off modern economics.

Adam Smith stated the best economic benefit for an individual achieves when an individual acts in their self- interest only.

Adam Smith said both <u>competition and self-interest</u> are important forces for economic, Competition regulates the economic activity and self- interest motivates economic activity.

These are the invisible hands of economics.

<u>Laissez-faire</u> capitalism means free-market economy no intervention of government in business activity except to protect individual rights.

aksik [14]3 years ago
6 0
Competition,self interest, and l<span>aissez-faire</span>
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