HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adam’s Smith Laissez Faire economic policy was based off of what?
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Competition
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Supply & Demand
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Self-Interest
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All the Above
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Explanation:
Detailed explanation-1: -Laissez-faire combined the principles of limited government and the free market with some of the ideas of Social Darwinism.
Detailed explanation-2: -Capitalist economy(where capital goods are owned by private individuals) follows a ‘Laissez-faire’ economy. The production of goods and services are determined by the free play of demand and supply forces in the market.It is also known as market economy.
Detailed explanation-3: -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.
There is 1 question to complete.