Adam Smith Said, "It Is the Maxim of Every Prudent

question 15

Multiple Choice

Adam Smith said, "It is the maxim of every prudent master of a family never to attempt to make at home what it will cost him more to make than to buy. The tailor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes, but employs a tailor." Which of the following concepts best illustrates Smith's intent with this statement?

• A) comparative advantage
• B) incentives matter
• C) scarcity
• D) production possibilities frontier

---

Definitions:

Sales Technology Tools

Sales technology tools are software and electronic devices designed to support and enhance the sales process.

CRM System

Customer Relationship Management System; technology for managing a company’s relationships and interactions with current and potential customers.

Calendar And Time Management Systems

Tools and techniques used to organize, schedule, and manage time effectively, including both digital and physical calendars.

Microsoft Outlook

A personal information manager software system from Microsoft, primarily used as an email application, it also includes calendar, task manager, contact manager, note taking, and journal.