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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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What classification of government distinguishes between presidential and parliamentary government?
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How power is distributed is the classification of government that distinguishes among presidential and parliamentary government. Moreover, some writers do not make any difference between state and government.

 

EXPLANATION:  

Some writers use government and state in the same sense and at the same time provide a classification of the state. Modern writers disagree with this type of classification.

According to some writers, there should be no state classification, because all states are the same in four traits—population, government, territory, and sovereignty—are important for all states. The American writer Willoughby argues that there can be no states classification; states can only be classified by the administration. In fact, the classification of governments is the states’ classification. The state expresses its wishes through the government. L e a c  *  *  k and Gilchrist also approve that there must be a government classification.

Aristotle’s classification of states is according to two principles:

1.    The number of persons who train supreme power;

2.    The culminations they search for serving self-interest or profit of the community.

Aristotle believed that when the rulers targeted the good of the community, the states would become a pure form of the state. When the rulers in such a state became self-centered, that state would be called a p e r v e r t e d state.

According to Aristotle, if sovereignty is in one person, it is Monarchy. The form of p e r v e r t e d is Tyranny. If sovereignty exists in a small minority of the people, that is Aristocracy. If the sovereign power exists in a large part of the population, it is polity. The form of p e r v e r t e d is Democracy. If this small minority utilizes sovereignty for its own self-centered ends, that is the Oligarchy.

LEARN MORE:  

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

• What is essential to the success of any government? brainly.com/question/13007951

• In the United States the government creates laws and regulations that? brainly.com/question/4177869

KEYWORDS : Presidential Government, Parliamentary Government, Classification of Government, oligarchy, democracy,  

Subject  : Social Studies

Class  : 10-12

Sub-Chapter : Classification of Government

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2 years ago
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