HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scottish Professor who believed that the successful market economy is based on competition.
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Adam Smith
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Bourgeoisie
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Capital
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Capitalism
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Explanation:
Detailed explanation-1: -Adam Smith’s writings influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money. Smith’s theories that economies thrive when competition, capitalism, and a free market, are alive and well in the 21st century.
Detailed explanation-2: -According to Scottish economist Adam Smith, the pursuit of self-interest has widespread benefits by producing the greatest good for the greatest number of people.
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