WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The law of self interest
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the law of consumption
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the law of consumers best interest
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the of supply and demand
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Detailed explanation-1: -Smith’s 3 natural laws of economics: Law of self-interest – people work for their own good. Law of competition – competition forces people to make a better product for lower price. Law of supply and demand – enough goods would be produced at the lowest price to meet the demand in a market economy.
Detailed explanation-2: -What Were Adam Smith’s 3 Laws of Economics? The law of self-interest, the law of competition, and the law of supply and demand were the three laws of economics written by Adam Smith.
Detailed explanation-3: -We know Adam Smith today as the father of laissez faire ("to leave alone") economics. This is the idea that government should leave the economy alone and not interfere with the “natural course” of free markets and free trade.
Detailed explanation-4: -Contending Economic Theories: Neoclassical, Keynesian, and Marxian.