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.

Appreciate the multifactorial causation of behavior and its implications for understanding psychological phenomena.

Grasp the fundamental concepts of culture and its impact on human behavior.

Understand the process of developing sound study habits and effective learning strategies.

Recognize the role of heredity and environment in shaping behavior.

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Definitions:

Pension Plans

Financial programs that provide income to individuals upon retirement, funded during their working years.

Mental Representations

Internal images or symbols of objects and events that occur in one's mind, forming the basis of thought and memory.

Inductive Logic

A method of reasoning in which conclusions are drawn from a set of observations or data, potentially leading to generalizations.

Experts

Individuals with specialized knowledge or skills in a particular area, often acquired through education, training, or extensive experience.