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Competition and self-interest are two forces in free market economies.
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what are competition and self-interest two important forces in?
Competition and self-interest are two forces in free market economies.
What ''invisible hand'' regulates the free market economy?
competition and self-interest
What invisible hand regulates the free-market economy?
competition and self interest
What 2 forces should motivate words?
Self interest and fear.
What two forces should motivate words?
Self interest and fear.
Self-interest is the motivating force driving the free market what is the regulating force?
competition
What two forces should motivate the words you communicate?
self interest and fear
How is the market price for a product determined?
Market price is determined by competition and self-interest. Self-interest by the shop owner will make him want to raise his prices in order to make more money for himself. The counterreaction to this is competition. When competition moves in the people will almost always choose the cheaper product, so in order to win the owners lower their prices and try to undersell the competition. Monopolies get rid of competition and therefore would only leave self-interest, and the owner would only raise the prices.
What was the key ideas of free-market system?
the law of self-interest the law of competition the law of supply and demand
What was the key idea of free market system?
the law of self-interest the law of competition the law of supply and demand
According to Adam Smith what is the regulator that keeps a community activated by self-interest from degenerating into a mob of profiteers?
competition
