Examlex
Which of the following is explained by the combination of the substitution effect and the income effect?
Adam Smith
Adam Smith was an 18th-century Scottish economist and philosopher, best known for his works on the principles of free market capitalism, particularly as outlined in "The Wealth of Nations."
Henry Ford
An American industrialist and founder of the Ford Motor Company, notable for pioneering mass production techniques like the assembly line.
Pin Factory
An example used by Adam Smith to describe the benefits of division of labor and specialization in increasing production efficiency.
Automobile Assembly
The process of putting together the various parts of cars or other vehicles.
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