1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MakcuM [25]
3 years ago
12

According to Adam Smith,------------drives businesses to make their prices attractive to consumers.

History
2 answers:
Mila [183]3 years ago
8 0

Business competition is the guiding factor for reaping benefits in any business; this was the belief of Adam Smith and it was propounded by him some two hundred years ago and still acts as the base in order to comprehend how market economies function

Adam smith, in his book ‘wealth of nations’ states that it’s not out of benevolence (generosity) of the butcher or a baker that we eat bread or meat, it’s out of the self-interest of the traders that they produce goods in order to earn profits and eventually that product is valid to us due to necessity. So, self-interest of a trader is one of the factors that promote trade. He also states that competition in markets regulates the trade.

If the price of the good is too high, then the goods of the competitor which are cost effective are preferred. Consumers being treated rudely than the competitor, then the goods of the competitor are preferred. So, it’s the competition that regulates the trade.

Self-interest and the Competition in markets are termed to be ‘invisible hand’ which determines the function of the market economy.

makvit [3.9K]3 years ago
8 0

Answer:

competition

Explanation:

You might be interested in
What did George Mason think the federal government would become?
Helen [10]

Answer:

a monarchy

Explanation:

He argued that the Constitution inadequately represented the interests of the people and the States and that the new government will "produce a monarchy, or a corrupt, tyrannical aristocracy."

8 0
3 years ago
Read 2 more answers
Delegates at the First Continental Congress met again at the Second Continental Congress because _________.
monitta

Answer: i belive the answer is c :)

6 0
3 years ago
Read 2 more answers
When did the ku klux klan raise influence in Oklahoma ​
steposvetlana [31]

Answer:

The year would be 1920.

3 0
3 years ago
Which invention during the industrial revolution forever changed naval warfare
Anastaziya [24]

is steam engine one of the options?


8 0
3 years ago
The new people who moved into Israel did not adopt their culture. O True O False​
Yanka [14]

Answer:

True

Explanation:

Have a great day

8 0
2 years ago
Other questions:
  • Which condition made the western Roman empire vulnerable to attack?
    7·2 answers
  • What is the Ancient Greek idea of maxim
    8·1 answer
  • Question 3 (1 point)
    6·1 answer
  • • What environmental issues has the U.S. been struggling to address ever since 1970
    13·1 answer
  • Al Capone was convicted of
    6·2 answers
  • What did physiocrats believe was the best trade policy?
    5·1 answer
  • What two actions did the international community take against South Africa’s system of Apartheid? Explain
    14·1 answer
  • Study Guide
    13·1 answer
  • Where did magellan died and who killed magellan
    10·1 answer
  • Q: Please choose which of the following causes of the Great Depression is correctly described below.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!