Practicing Success
Practicing Success
CUET Preparation Today
| The discipline of economics is aimed at understanding and explaining how markets work in modern capitalist economies. To understander sociology's response to the market in modern times, we also need to we need to go back briefly to eighteenth-century Europe and the beginnings of modern economics where Adam Smith is a central figure. His economic philosophy was given the name laissez-faire, a French phrase that means ‘leave alone’ or ‘let it be’. |
| From the following options what supports Adam Smith’s argument about the capitalist economy? |
The capitalist economy is driven by individual self-interest. The capitalist economy works best when individual buyers and sellers make rational decisions. Both options 1 & 2. None of the above. |
| Both options 1 & 2. |
| Both options 1 & 2 are arguments put forward by Adam Smith in relation to the capitalist economy. |
