3) Consumer sovereignty concerns the principle of hedonism, individualism and, as some economists often say, selfishness, or exacerbated individual freedom, where the human being has complete freedom to do, whatever he wants and understands and, anywhere, nothing interferes with the decisions of those who need to satisfy their needs. This economic philosophy adopts the principle of laissez faire, or in other words, what works is Adam Smith's infamous <u>invisible hand</u>, or more clearly, the system where the government does not interfere in the economy, it exists only to coordinate the political and social system, without active participation in the development of economic activity. It is what is called in the classic and neoclassical language, an economy of free competition, that is to say, everyone is free before their preferred choices.
4) The economic system in the US is <u>free enterprise.</u> Free enterprise is a principle that establishes the possibility for ordinary people to participate in the market without the need for authorization or approval by the State. If you have the possibility to open a company, sell a product and negotiate the price that is right for you, you owe it to the principle of free enterprise.
The government has a fundamental role in the economic system, such as legislating, placing wealth in the market, as well as inspecting these systems.
5) The price floor wage is the lowest wage a company can pay for an employee. It is established by law and is reassessed every year based on the cost of living of the population, its creation was made based on the minimum amount that a person spends to guarantee their survival.
The most common price floor is the minimum wage--a minimum price that can be payed for labor.
Explanation:
Is there a list of choices to select from?
A poll tax was imposed on voters. I have found the poll tax receipt my mother paid back in the 1960s. Poor people could not afford to pay a tax to vote, because their income was so low.
That business cycle would be Expansion
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The events on this timeline affected the Cold War as they reduced Cold War tensions by limiting the threat each superpower posed to the other's security. Option B. This is further explained below.
<h3>What is the Cold War?</h3>
Generally, the Cold War saw the United States and the Soviet Union as two individuals that unites and engaged in a long-running political conflict.
In conclusion, Cold War tensions were eased as a result of the events shown here, as each superpower's danger to the other's safety was decreased.
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