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Adam Smith
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Which economist was among the first to explain how a pure market economy works?
Adam Smith
Who was the first person to explain the market econimy?
The first person to explain the market economy in a comprehensive way was Adam Smith, an 18th-century Scottish economist and philosopher. His seminal work, "The Wealth of Nations," published in 1776, laid the groundwork for classical economics and introduced key concepts such as the "invisible hand" that guides supply and demand in a free market. Smith argued that individuals pursuing their own self-interest inadvertently contribute to the overall economic prosperity of society.
What form of economy does Russia have?
Command Economy & MARKET ECONOMY
Who came up with the THEORY OF free market?
Adam Smith is widely considered to have been the first person to describe capitalism as we know it today. In his The Wealth of Nations, he describes an "invisible hand" that will guide the nation's economy towards the greatest good for both producer and consumer without the interference of government.
What are who developed ideas that explained how the economy worked known as?
Such people are generally known as Economists. There are many varieties of economists, like Neo-Classical, Keynesian, Marxist, Mercantilist, Physiocratic, etc.People who develop ideas that explain how an economy works are called economists.
Which economist was among the first to explain how pure market economy work?
Adam Smith
Which economist was among the first to explain how a pure market economy works?
Adam Smith
Is the Italian economy a market economy or a command economy?
Italy's economy may have strong government regulation, but it is first and foremost a MARKET ECONOMY because firms choose their own levels of production, not the Italian government (which would be the case in a command economy).
Was Leonardo da Vinci the first person to explain why the sky is blue?
No, da Vinci was not the first person to explain why the sky is blue. John Tyndall was the fist person to begin to explain this phenomenon in 1859.
Who was the first person to market frozen vegetables in 1930?
the first person to market frozen vegtables in 1930 was Clarence Birds eye
Who was the first person to explain seasons?
Maybe scientist(s)
Who was the first person to explain the circulatory system?
William Harvey
How can you explain to a person that he's wrong?
First, are you sure that he's wrong and you're right. Then explain it nicely and try to lead the person to understand by himself.
Who was the first person to market frozen vegetables?
jenna Marie mason was the first person in history on 1820 July 17th.
Who was the first person to explain why the sun and stars move acreoss the sky?
Ellen Kim was the first to explain why the sun and stars move across the sky in 1858
Where can a person read about the stock market failure?
A person can read about the stock market failure in several different places. A person can read history books about the stock market failure, or they can read blogs for first-hand accounts of the event.
Which cause of poverty would explain why low-skilled workers are hired when the economy is expanding but are the first to be laid off when there is an economic?
lack of education :(
