Answer:
Family Capitalism
Explanation:
In family capitalism, large business are controlled by family members and passed down to descendants. Examples are; Continental AG owned by Schaeffler family, LG Corporation owned by Koo and Huh families, Reliance Industries owned Ambani family and Walmart amongst others.
Economist Adam Smith's position on the freedom of markets, the true source of wealth, and the division of labor is captured in his seminal thesis, the Wealth of Nations.
<h3>What was Adam Smith's position on these issues?</h3><h3>Freedom of markets: </h3>
Adam Smith postulated that markets should be free and not regulated because the free market mechanism ensures stability and prosperity for all.
<h3>The true source of wealth: </h3>
Adam Smith noted that the true source of wealth of any nation is a free enterprise nurtured on self-interest.
<h3>Division of Labor: </h3>
Adam Smith contended that division of labor ensured mutual interdependencies and is only limited by the <u>extent of the market</u>.
Thus, given Adam Smith's position on these subjects, he promoted Self-interest, division of labor, free enterprise, and the operation of the market mechanism of demand and supply.
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This is called a renewable resource.
The Social Cognitive Theory of Personality states that personality of a person is developed by the social factors that person interacts to, cognitive factors, and behavior of the person.
<h3>
Social cognitive theory</h3>
- The social cognitive theory was developed by Albert Bandura as an interpersonal theory connecting behavior , personal factors and environment though reciprocal determinism.
- This theory is also known as social learning theory because in it we learn the behavior by observing social groups.
Therefore, Albert Bandura’s theory, originally called social learning theory, is now referred to as <u>social cognitive theory</u>, and it suggests cognitive processes play a role in influencing one’s personality.
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