Question

This system is associated with the ideas of Adam Smith and capitalism. Select one: a. Market Economy b. Mixed Economy c. Command Economy d. Traditional Economy

Answer 1

The economic system associated with Adam Smith and capitalism is the Market Economy, which emphasizes private ownership, minimal government intervention, and decisions made through the market.

Step-by-step explanation:

The system associated with the ideas of Adam Smith and capitalism is the Market Economy. In a market economy, resources and output are owned by individuals or firms, where decisions on what to produce are made independently and coordinated through markets. This economic system emphasizes private property rights and is characterized by the minimal involvement of the government, aside from enforcing property rights. Thinkers like Adam Smith promoted the concept of a free market economy where the "invisible hand" of competition helps determine the most efficient prices and benefits both producers and consumers.

Answer 2

Which of these is a basic characteristic of a civilization? A) strong military B) written language C) capitalist economy D) democratic government