MACRO MODULE 2 WRITTEN EXERCISE
Written Exercise
- Explain this quote from Adam Smith: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner but from their regard to their own interest.”
- Why is private property an essential characteristic of a capitalistic system?
- Why is motivation of self-interest essential to the capitalistic market system, and why is competition in relation to self-interest in a market system so essential?
450 words
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