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22 November, 18:17

3 laws of adam smith ecomncis

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  1. 22 November, 18:23
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    Adam Smith's three natural laws of economics are:

    1) the law of self - interest. - people work for their own good

    2) the law of competition - competition forces people to make a better product

    3) the law of supply and demand - enough goods would be produced or supplied at the lowest possible price to meet the demand in a market economy.

    Adam Smith is the founder of classic economics. He reasoned that the laws of supply and demand and competition governed all business and economic activities.
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