Adam Smith's Discussion of the Production in a Pin Factory

question 223

True/False

Adam Smith's discussion of the production in a pin factory illustrates the law of comparative advantage.

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Definitions:

Locus Of Control

A psychological concept that refers to individuals’ beliefs about the extent to which outcomes in their lives are under their own control versus external forces.

Reciprocal Determinism

The theory posited by Albert Bandura that a person's behavior both influences and is influenced by personal factors and the social environment.

Thematic Apperception Test

A projective psychological test used to reveal a person's social drives or needs by their interpretation of a series of pictures of emotionally ambiguous situations.

Motivational Traits

Personality characteristics that influence an individual's desire to achieve goals, persist in activities, and exert effort in pursuit of success.