Adam Smith Believed That Countries Would Prosper If Businesspeople Were

question 225

Multiple Choice

Adam Smith believed that countries would prosper if businesspeople were free to start and run their own businesses. Businesspeople would make a profit by providing the goods, services, and ideas that others in the economy wanted, and they would hire others to help increase those profits, leading to social and economics benefits for many. This idea was called the

• A) kinked demand theory.
• B) invisible hand.
• C) spending multiplier.
• D) demand accelerator.

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Definitions:

Deontology

A theory of ethics that espouses duty, rules, and obligation as the foundation of moral behavior.

Values Transmission

The process by which beliefs, morals, and values are passed down from one generation to another, often within families or through cultural teaching.

Social Justice

A concept based on the principles of equity, equality, and respect for human rights; broadly concerned with the equitable bearing of burdens and reaping of benefits in society.

Religious Holidays

Special days of celebration or observance pertaining to specific religious traditions, often involving rituals, gatherings, and various forms of worship.