Asked by
Mariana Anghel
on Dec 12, 2024
Verified
According to Adam Smith, individual self-interest
A) is a powerful force for economic progress when it is directed by competitive markets.
B) is a powerful force for economic progress when individuals are wisely directed by a strong central government.
C) is a major factor in retarding the economic progress of humankind.
D) could be either a positive or negative force for economic progress, depending on the moral influences of political leaders.
Self-interest
The pursuit of individual advantage or profit, often regarded as a basic economic driving force.
Adam Smith
An 18th-century Scottish economist and philosopher, often considered the father of modern economics, best known for his theory of the invisible hand guiding free markets.
Competitive Markets
Markets where numerous producers and consumers interact, leading to price determination by supply and demand forces.
- Grasp Adam Smith's contributions to economics and his view on self-interest and competitive markets.
Verified Answer
TZ
Learning Objectives
- Grasp Adam Smith's contributions to economics and his view on self-interest and competitive markets.