Question

The essence of the classical viewpoint is that:

1) resources are limited.
2) a rational approach can be used to boost productivity.
3) people are self-interested.
4) people will take on responsibility if it is offered to them.
5) workers behave how you expect them to.

Answer 1

The classical viewpoint in economics recognizes limited resources and emphasizes a rational approach to enhance productivity. It assumes individuals act in their own self-interest and will take on responsibility if offered. Workers are expected to behave based on their self-interest.

Step-by-step explanation:

The classical viewpoint encompasses several key principles:

1. Resources are limited: The classical perspective recognizes that resources, such as land, labor, and capital, are limited and must be efficiently allocated.
2. A rational approach to boost productivity: Classical economists believe that using a rational approach, such as increasing efficiency and specialization, can boost productivity and overall economic growth.
3. People are self-interested: This principle suggests that individuals, in their economic behaviors, act in their own self-interest to maximize their well-being.
4. Responsibility when offered: Classical economists argue that people will take on responsibility and work diligently if they are offered adequate incentives and opportunities.
5. Workers behave as expected: The classical viewpoint assumes that workers behave predictably, based on their self-interest, in pursuit of higher wages and better working conditions.

In summary, the classical viewpoint in economics recognizes limited resources and emphasizes a rational approach to enhance productivity. It assumes that individuals act in their own self-interest and will take on responsibility if offered. Additionally, it expects workers to behave according to their self-interest, seeking better wages and conditions.