Final answer:
Supply-side economics, also known as Reaganomics, is a fundamental element of economic theory that focuses on lowering barriers to production to stimulate economic growth. It involves reducing tax rates and business regulations to increase the supply of goods and services. This approach was championed by Ronald Reagan.
Step-by-step explanation:
Supply-side economics, also known as Reaganomics, is a fundamental element of economic theory. It argues that stimulating economic growth is best achieved by lowering barriers to production, such as tax rates and business regulations. The main focus is on increasing the supply of goods and services by providing incentives for businesses and consumers. This approach was championed by Ronald Reagan and his administration, who implemented policies designed to reduce government spending, lower taxes, and decrease regulation.