Adam Smith, a Scottish Economist, Established the Proposition That Individuals

question 202

True/False

Adam Smith, a Scottish economist, established the proposition that individuals should not pursue their own self-interest.

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Definitions:

Cash-Vouchers

These are instruments provided to individuals or entities which can be exchanged for goods or services instead of using actual cash.

Income Equality

The equal distribution of income among all members of society, aiming to reduce economic disparities.

Economic Efficiency

A situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Social Insurance Programs

Programs that replace the earnings lost when people retire or are temporarily unemployed, that are financed by payroll taxes, and that are viewed as earned rights (rather than charity).