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Adam Smith's guiding principle that free markets serve the greater good of society even though individuals act according to their own selfish interests is called?
Wiki User
∙ 9y ago
Adam Smith's guiding principle that free markets serve the greater good of society even though individuals act according to their own selfish interests is called the invisible hand.
Wiki User
∙ 9y ago
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In order to become more efficient and to make greater profits both individuals and nations learn to .?
They learn to specialize to become more efficient and make greater profits.
Why scarcity is a basic fact of life according to economic theory?
Demand will always be greater than supply.
According to the theory of mercantilism a country has a favorable balance of trade when?
the value of exports is greater than the value of imports
Define and give an example of the income effect?
The income effect is the change in an individuals or economy's income and how that change will impact the quantity demanded. For example, after a raise, John Doe would desire more products, because he has greater disposable income.
When according to the law of supply and demand when supply increases what else happens?
According to the law of supply and demand when supply increases, prices will decrease.
When will an object sink in water according to Archimede's principle?
When its weight is greater than the weight of water it displaces
According to John Yoo's letter the Supreme Court allows warrantless searches or seizures only if?
Government interests are greater than the need to keep certain information private
According to John Yoo's letter the Supreme Court allows warrentless searches or seizures only if?
Government interests are greater than the need to keep certain information private.
Are Individuals in capitalist economies motivated by the interests of the community?
Workers are motivated by the need to work for wages in order to survive, while capitalists are motivated by the need for greater profits.
Definition of majority rule?
The official definition for majority rule is "the principle that the greater number should exercise greater power."
Does Hillary Clinton really believe she can convince Texans that taking from them for the greater good is in their best interests?
The only greater good she sees is herself
Facing difficulties can help to shape a person's character?
In the military, the greater the enemy, the greater the glory. Same for individuals; the greater the challenge, the stronger you will be.
Can facing difficulties help to shape a person's character?
In the military, the greater the enemy, the greater the glory. Same for individuals; the greater the challenge, the stronger you will be.
Do fit individuals use a greater proportion of fat as fuel?
yes
Is it advantageous to have a moral principle or ethical views to make a moral decision?
Yes, having a moral principle or ethical views can be advantageous when making a moral decision. It provides a framework or guide that helps individuals make consistent and principled choices based on their values and beliefs. This can lead to greater clarity, consistency, and integrity in decision-making, and can help individuals navigate complex ethical dilemmas.
Does an animal population get smaller or larger when the number of individuals that die is greater than the number if individuals that are born?
It gets smaller because the number of animals dying is greater than the number of animals being produced.
What is the principle of epikia?
(philosophy)(theology) The principle in ethics that a law can be broken to achieve a greater good. http://en.wiktionary.org/wiki/epikeia
