Adam Smith

question 128

Multiple Choice

Adam Smith

• A)argued that capitalism is often confused with democracy.
• B)wrote Das Kapital.
• C)said that the entrepreneur is motivated by self-interest.
• D)coined the phrase: "From each according to his ability,to each according to his needs."

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Definitions:

Work in Process

Partially finished goods that are still in the production process at the end of an accounting period.

Raw Materials

Basic materials and substances used as inputs in the manufacturing process to produce goods or finished products.

Purchase

The act of buying goods or services, an essential activity in the operations of a business.

Indirect Labor Costs

Expenses related to employees who do not directly work on a product but are necessary for the production process, such as maintenance personnel.