Answer:
1. C
2. B
3. B
Explanation:
Capitalism in economy, also known as <u>market economy,</u> refers to a system where both supply and demand are followed and it is based on both of these that decisions are made.
Businesses follow the demand of individual citizens. <u>The greater the demand, the bigger the opportunity for profit</u> and businesses can then raise the prices. <em>An insufficient supply creates tension and allows businesses to profit</em>.
Mercantilism is an economic policy, which characterizes those countries who strive to depend on their own wealth. This means that <u>export should be preferred to import</u>, and it is in the government best interest to increase the amount of gold stored in national treasury.
<em>Mercantilism is considered a command economy as everything is strictly regulated, from production to consumption.
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Adam Smith was a Scottish philosopher and the first one to theorize the modern day capitalism. In 1776, the time of the industrial revolution, he published his work <em>An Inquiry into the Nature and Causes of the Wealth of Nations,</em> where he offered a description of the economics.
It was this work that inspired the modern day capitalistic economy and <u>Smith is considered the father of capitalism.
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Answer:
Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool. Boy I am cool.
Explanation:
its a city with its surrounding territory forms an independent state.