In His Book, an Inquiry into the Nature and Causes

question 178

Multiple Choice

In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals

• A)always tend to act in an altruistic manner.
• B)always consider the impact of their actions on the welfare of others.
• C)are motivated by self-interest.
• D)are generally not concerned with economic questions.

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Definitions:

Inventory Items

Goods and materials that a business holds for the ultimate goal of resale or production.

Non-inventory Items

Items that a business sells but does not maintain in physical inventory, often including services and digital goods.

Services

Intangible products offered by businesses, such as consulting, repairs, or entertainment.

3-way Match

An accounting control process matching the purchase order, delivery note/packing slip, and invoice before making a payment to the supplier.