Question

3 laws of adam smith ecomncis

Answer 1

Adam Smith's three natural laws of economics are:

1) the law of self - interest. - people work for their own good
2) the law of competition - competition forces people to make a better product
3) the law of supply and demand - enough goods would be produced or supplied at the lowest possible price to meet the demand in a market economy.

Adam Smith is the founder of classic economics. He reasoned that the laws of supply and demand and competition governed all business and economic activities.