Question

Classical economic ideology focuses mostly on the_______ run

Answer 1

SUPPLY

Step-by-step explanation:

Classical economics focuses mainly on the supply side of the economy, believing in Say's Law which states that "supply creates its own demand". This means that if producers produce more goods and services then people will have more money to buy them with, leading to increased prosperity for all. Classical economists also believed in laissez-faire policies where governments should stay out of markets as much as possible. They argued against government intervention such as tariffs or price regulation because they felt it would disrupt market forces and lead to less efficiency.

Answer 2

long-run

Step-by-step explanation:

Classical economics emphasizes the fact that free markets lead to an efficient outcome and are self-regulating. In macroeconomics, classical

economics assumes the long run aggregate supply curve is inelastic; therefore, any deviation from full employment will only be temporary.