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Supply and demand
The economist Adam Smith believed prices and profits depended on supply- the amount of goods and service available- and demand- the desire for those goods. As demand goes up, supply goes down.
Adam Smith opposed mercantilism and monopolies. He believed that the law of supply and demand and the law of competition would regulate a free market.
Adam Smith is often touted as the world's first free-market capitalist. The ideas that underpin the school of thought that became known as classical economics.
Wiki User
∙ 8y ago
Wiki User
∙ 14y agothe main ideas of smith was the political economy that an invisible hand guided all what money or business involved
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Which economic enterprise would Adam Smith most favor?
privately owned factory in France
Who is J W Smith?
J. W. Smith is an independent economist. He founded and presides over the Institute for Economic Democracy, which promotes Smith's economic theories and research. Smith has a Ph.D. from Union Institute and University of Ohio.For the source and more detailed information concerning your request, click on the related links section indicated below.
What is the name of the set of principles that dominated economic thought in the seventeenth century?
Mercantilism
Who helped the slave trade end?
One of them was William Wilberforce and Adam Smith! Soz but that is all i know! Hope this helps you!
Did the constitution advance or set back the principles of the Revolution?
The US Constitution advance the principles of the Revolution. Many of the principles for which the Revolution was initiated were listed in the Constitution.
Merits of Adam Smith definition?
merits of defination of economic given by adam smith
Who is the father of economic?
Father of Economics is Adam Smith
What type of economic system did Adam smith provide?
Adam Smith was well into his beliefs that a free economy was the best economic system.
Who was the father of economic?
ADAM SMITH is generally regarded as the father of economics.
Who is father of economic?
adam smith is the father of Economics.
Do you think Adam Smith supported industrialization why or why not?
Adam Smith supported industrialization because he believed in a free economy, to guarantee economic progress.
What economic idea did the us adopt from Adam smith?
Laissez-faire
What economic system did Adam smith follow?
Free market Capitalism
What did Adam smith mean by laissez faire?
Adam believed that the state should not interfere in economic matters
In his economic system Adam Smith believed that the basic economic question should be answered by whom?
Market
Who was the great exponent of economic and social determinism?
Karl Marx
Adam smith provided a philosophy for this type of economic system?
free market
