Question

How did Adam Smith’s economic ideas help the United States establish a free enterprise system? Check all that apply. They led to freedom of choice for consumers and producers. They led to fixed prices for consumers and producers. They led to open competition for consumers. They led to individual ownership of property. They led to more government spending and increased demand. They led to limited choice and communal ownership of property.

Answer 1

Answer:

They led to the freedom of choice for consumers and producers

They led to open competition for consumers

They led to individual ownership of property

Explanation:

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Answer 2

Answer:

They led to the freedom of choice for consumers and producers

They led to open competition for consumers

They led to individual ownership of property

Explanation:

Smith was a philosopher in the eighteen century and was commonly known because of the improved modern economic. He also proposed different ideas that were aimed at regulating free markets through competition and self-interest. The theory of wage differential was dangerous and undesirable since it was intended to reduce wages.

The ideas of John smith played essential roles in the development of the economy, and it led to freedom to both consumers and producers. Because of better competition, consumers improved their production and were able to own more properties.