The correct answer is: " Supply and demand regulate business"
According to the central thesis of The Wealth of Nations, the key to social welfare lies in economic growth, which is enhanced through the division of labor and free competition. According to this thesis, the division of labor, in turn, deepens as the extension of the markets and therefore specialization expand. For his part, Adam Smith considers free competition as the most ideal means of economics, stating that the contradictions engendered by the laws of the market would be corrected by what he called the "invisible hand" of the system.
In The Wealth of Nations, Smith assumes, in general, that the demand is relatively fixed in the short and medium term (depending ultimately on the number of people), and that, consequently, it is only the offer that makes the price go up or down
Answer:
Date-7 November 1917.
location- Petrograd Russian Republic
Answer:
Pool
Explanation:
Given that pool is a term in business that is used to describe a form of the agreement made by the members of the pool with the fundamental purpose of retaining powerful control over prices. It involves producers of similar products that wish to standardize the product prizes.
Hence, in this case, a POOL is a group of businesses that make an informal agreement to cooperate in controlling a market or industry.
