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Question

Features of a wealth based economics definition given by Smith are:

A
To look for the causes that can help in the creation of wealth
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B
Accumulation of wealth is the economic development
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C
Economic development should include the development of non tangible service
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D
Both a & b
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Solution

The correct option is A To look for the causes that can help in the creation of wealth
Adam smith who defined economics as a way to generate wealth from the nation for development of the society as well as your own deeds made the whole theory very materialistic as it only focused on wealth creation by any cause and did not give attention to social welfare.

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