Early Theorists Like Adam Smith and David Ricardo Laid the Foundation

question 75

Multiple Choice

Early theorists like Adam Smith and David Ricardo laid the foundation for today's capitalist economy based on:

• A) individual self-interest
• B) free market rules governing the use of labour, land, and capital
• C) free trade among nations
• D) following the invisible hand of the market via supply and demand
• E) All of the above

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Definitions:

Mirror Neurons

Neurons that fire both when an individual acts and when the individual observes the same action performed by another, thought to be related to understanding actions, empathy, and learning through imitation.

Emotions

Complex psychological states involving thoughts, feelings, physiological changes, and behaviors in response to stimuli.

Extinction

In behavioral psychology, the process by which a previously learned behavior is reduced and eventually disappears when reinforcement is no longer provided.

Reinforcement

In behavioral psychology, a concept that involves increasing the likelihood of a behavior by following it with a positive or removing a negative stimulus.