Adam Smith was a strong advocate of __________.
Adam Smith was a strong advocate of __________.
The correct option is D all of the above
Adam Smith, the father of modern economics supported the following ideas:
1. Laissez-faire: This principle means that the economy should be left free and the government should not interfere at all. This way the market will develop its own course and work at its best efficiencies.
2. Invisible hands: This means that there is an invisible or unseen market force that should work in the economy so that there is a match in the demand and supply of the goods.
3. Free-trade policy: This means that there should be as less as possible regulations or restrictions imposed on the trade. This is how the individual will buy from where he gets the goods at the cheapest price and the producers will sell at the maximum price, thus coming on the equilibrium point.
Adam Smith, the father of modern economics supported the following ideas:
1. Laissez-faire: This principle means that the economy should be left free and the government should not interfere at all. This way the market will develop its own course and work at its best efficiencies.
2. Invisible hands: This means that there is an invisible or unseen market force that should work in the economy so that there is a match in the demand and supply of the goods.
3. Free-trade policy: This means that there should be as less as possible regulations or restrictions imposed on the trade. This is how the individual will buy from where he gets the goods at the cheapest price and the producers will sell at the maximum price, thus coming on the equilibrium point.
