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Alisiya [41]
3 years ago
8

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

History
2 answers:
Anuta_ua [19.1K]3 years ago
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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The Missouri Compromise was what sparked the outbreak of the American Civil War.

We can arrive at this answer because:

  • The Missouri Compromise intended to organize the regions where slavery would be legalized and where it would not be allowed.
  • The aim was to reduce the lack of agreement between the southern ruling class and the northern ruling class.
  • For this reason, the Missouri Compromise determined that slavery would be prohibited in the region above the 36º30' North Parallel, but would be allowed below the 36º30' North parallel.

The event that caused the Missouri Compromise to trigger the outbreak of civil war was the moment when the federal government allowed California, which was below the 36º30'N parallel, to be a region where slavery was prohibited. This made southerners feel disrespected and threatened to be forced to change their stances on slavery.

The acquisition of Mexican territory was seen as a form of expansion of the country and although slavery was an important issue in this acquisition, it did not trigger a reaction from the southern or northern states.

The Northwest Ordinance, in turn, was also carried out to expand the country and did not provoke any rift between north and south.

More information:

brainly.com/question/3430919?referrer=searchResults

8 0
2 years ago
Did George Washington believe the country needed to make alliances with other countries
Wewaii [24]

Answer:

George Washington had said that though alliances with other countries is a good thing, it is important to keep a distance from them and remember that your country is most vital and not to forget our own agenda. He didn't disagree with alliances but it wasn't vital and worrying about America was more important than worrying for other countrys since The United States was so new.

Explanation:

I remember learning this so ur welcome.

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2 years ago
Which of these 3 cities were essential to controlling the trade routes of the 1 point
stich3 [128]

Answer:

I'm kinda just guessing but Timbuktu, Jenne-Jeno, and Gao

Explanation:

3 0
3 years ago
WHAT IS HISTORY WHY IS IT IMPORTANT
tekilochka [14]

History is really important because it helps us understand why we live the way we are living and why we are where we are as a species and country.

4 0
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Answer:

The debate over economic issues was especially heated during the Gilded Age. In general, Democrats wanted Low tariffs to encourage foreign trade, while Republicans wanted high tariffs to ensure domestic industrial expansion.

Explanation:

The gilded age was a period between the 1980s and 1900s in which the economy grew substantially, surpassing European growth. The effect this growth provoked was an increase in the employees' wages particularly from the skilled workers and an influx of immigrants. However, republicans and democrats believed there were two different proposals for the economy. In the first place, the Democrats wanted a low tariff, low taxes, low spending, and practically a laissez-faire economical model to stimulate more growth. Nevertheless, the Republicans believed that nationalism and protectionism would benefit the economy in a better way.

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3 years ago
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