use the following quotation to answer the next question. \it is only for the sake of profit that anyone…

use the following quotation to answer the next question. \it is only for the sake of profit that anyone invests capital in the support of industry; and he will always try to use it in the support of that industry which is likely to be the greatest personal value, or to exchange it for the greatest quantity either of money or other goods.\ - adam smith 7. the most logical conclusion about the beliefs of adam smith that could be drawn from this quotation is a. people should choose employment that is suitable to their own abilities and interests b. governments must ensure that businesses essential to society be encouraged to operate c. competition in the marketplace would eliminate those people who were not successful d. people are motivated by self - interest and will thus develop industries to meet society’s demands 8. for each of the following terms, give a) a definition b) an example of it in today’s society and c) an explanation of why this concept is important. economic freedom:

use the following quotation to answer the next question. \it is only for the sake of profit that anyone invests capital in the support of industry; and he will always try to use it in the support of that industry which is likely to be the greatest personal value, or to exchange it for the greatest quantity either of money or other goods.\ - adam smith 7. the most logical conclusion about the beliefs of adam smith that could be drawn from this quotation is a. people should choose employment that is suitable to their own abilities and interests b. governments must ensure that businesses essential to society be encouraged to operate c. competition in the marketplace would eliminate those people who were not successful d. people are motivated by self - interest and will thus develop industries to meet society’s demands 8. for each of the following terms, give a) a definition b) an example of it in today’s society and c) an explanation of why this concept is important. economic freedom:

Answer

Brief Explanations:

For question 7, the quote emphasizes that people invest capital for profit and try to maximize personal value, which reflects self - interest as a motivation. For question 8, economic freedom refers to the ability of individuals and businesses to make economic decisions without excessive government interference. It is important as it allows for innovation, efficient resource allocation, and individual economic growth.

Answer:

  1. d. people are motivated by self - interest and will thus develop industries to meet society’s demands

a. Economic freedom is the liberty of individuals and businesses to make choices regarding production, consumption, investment, and trade without significant government restrictions. b. A small - business owner deciding to expand their business into a new product line without seeking government approval is an example. c. It is important because it encourages entrepreneurship, competition, and innovation, leading to economic growth and a wider variety of goods and services for consumers.