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.
Answer:
D. repeal the Stamp Act.
Explanation:
The Shay Rebellion was an armed uprising in Massachusetts, mainly in and around Springfield in 1786 and 1787. The American veteran of the United States War of Independence Daniel Shays led four thousand rebels (called shaysites) in a protest against the perceived economic and civil injustices. Shays was a farmer from Massachusetts at the start of the War of Independence; He joined the Continental Army, participated in the battles of Lexington and Concord, Battle of Bunker Hill and Saratoga Battles, and was finally wounded in combat.
Answer & Explanation:
The country's economic woes were made worse by the fact that the central government also lacked the power to impose tariffs on foreign imports or regulate interstate commerce. Thus, it couldn't protect American producers from foreign competitors
The rule of Pericles was simply a period of time after the Persian Wars, where Athens was trying to recoup from the war. Oftentimes, this was used to build up the treasury to ensure that Athens would return back to its originally glorious state.
Answer:
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