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### 1.4.3 Test (TST): Fundamental Principles of Economics

4. Briefly explain economist Adam Smith's positions on these three subjects:

a. The freedom of markets

b. The true source of wealth

c. The division of labor

(4 points)



Answer :

GinnyAnswer

Final answer:

Adam Smith believed in market freedom, the productivity of division of labor, and its role in wealth creation.


Explanation:

Adam Smith's positions:

  1. The freedom of markets: Smith believed in the concept of free enterprise and the market operating without interference, promoting economic growth.
  2. The true source of wealth: Smith argued that the division of labor leads to increased productivity, which is the foundation of wealth creation.
  3. The division of labor: Smith supported the idea that dividing tasks among workers specializes their skills, enhances efficiencies, and boosts economic prosperity.

Learn more about Adam Smith's economic principles here:

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