An Important Insight by Adam Smith,which Was More Fully Developed

question 117

Multiple Choice

An important insight by Adam Smith,which was more fully developed over the next century,is that in a free market the resources available to a nation are organized so as to produce the goods and services that people want with the least possible amount of resources.This concept is known in economics as

• A)productivity.
• B)division of labour.
• C)specialization.
• D)benevolence.
• E)efficiency.

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Definitions:

Follow-Up Studies

are research activities conducted after an initial study to monitor outcomes and assess long-term effects or trends.

Spatial Position

The specific physical location or coordinates of an object or individual in a given space.

Cultural Differences

Variations in the practices, norms, and values among groups of people from different backgrounds.

Dani People

An indigenous group of people living in the highlands of West Papua, Indonesia.