Adam Smith,social Philosopher and Economist,argued That the Free-Enterprise Economic System

question 57

True/False

Adam Smith,social philosopher and economist,argued that the free-enterprise economic system encourages entrepreneurship because it permits individuals freedom to create and produce.

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Definitions:

Total Assets

The sum of all current and non-current assets owned by a company, reflecting its overall value.

Supplies

Items used in the daily operations of a business, such as office or cleaning supplies, that are essential but not directly tied to the production of goods.

Cash

A company's liquid assets that are available for immediate use for transactions, including currency and demand deposits.

Basic Accounting Equation

Assets = Liabilities + Owner’s Equity.