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Molly Frye
History
8 November, 22:22
3 laws of adam smith ecomncis
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Sawyer Ingram
8 November, 22:25
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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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