Question

The three main ideas behind capitalism as defined by Adam Smith are

Answer 1

The three main ideas behind capitalism as defined by Adam Smith are "competition, self interest, and laissez-faire," since Smith was a heavy proponent of the "invisible hand of the market". 

Answer 2

The answer is: competition, self interest, and laissez-faire

According adam smith, competition in society is inevitable because the resources that exist in the environment are limited.

Due to people's survival instinct and self interest, people would most likely take care of themselves and their loved ones before taking care of others. This is why people start to compete to obtain the limited resources for themselves.

Laissez-faire refers to the principles of free private transactions among people in one certain area that is free from government regulation. This being done because people tend to not be able to produce/obtain all the resources they need. Which is why we are trading the resources that we own with one another.