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3 years ago

What were Adam Smith’s three natural laws of economics?

2 answers:

3 0

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.

Verizon [17]3 years ago

3 0

Answer and Explanation: Adam Smith is known as the Father of Economics and he was the one who gave three major laws of Economics.

1. Law of self interest: which states that everyone in the world wants to live happily and to satisfy themselves they are willing to do some jobs in order to earn some money and live a happy and contented life of their own choice and for this purpose they move around the globe for better opportunities of earning which leads to globalization.

2. Law of competition: According to Adam Smith, competition was an attribute which played vital role in the economy. He said that humans are competitive in nature because they always perform well whenever they are in competition with other people to prove themselves and their abilities which lead to a flawless outcomes of a task.

3. Law of supply and demand: which states that whenever a demand of something increases, the supply is made accordingly same is the case with human resource. Whenever experienced people's demand increases, they shift to another job in order to satisfy their self interest which depicts that all these three laws are interconnected with each other.

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2 years ago

Match the following:

gavmur [86]

1. Cuban independence - c. Spanish-American War

2. headed up the project of ridding Cuba of the yellow fever carrying mosquitoes - d. General Leonard Wood

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6. a proposition following so obviously from another that it requires little or no proof - b. corollary

Explanation:

Monroe's Doctrine was a political agenda of American isolationism which contributed to their development in 19th Century.
Still, President Theodore Roosevelt intervened in a number of Latin American countries.
Victory in the Spanish-American War the same year proved that the United States was a world power and led to the annexation of Puerto Rico, Guam and the Philippines and the strengthening of American influence in Cuba.
The Philippines gained independence after half a century, while Puerto Rico and Guam remained US territories.

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