Adam Smith

question 197

Multiple Choice

Adam Smith

• A) Was a leading advocate of free trade
• B) Developed the concept of absolute advantage
• C) Maintained that labor costs represent the major determinant of production cost
• D) All of the above

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Definitions:

Poverty

The state of having insufficient financial resources to meet the basic needs of living, including food, shelter, and healthcare.

Functionalists

A rephrased term for the functionalist perspective, emphasizing the sociological theory that views society as composed of interrelated parts working together for the greater harmony and stability of the whole.

Social Inequality

The existence of unequal opportunities and rewards for different social positions or statuses within a society.

Social Capital

The networks, relationships, and norms that facilitate collective action and cooperation within a society.