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Q 3. Self-interest in the context of the book means that an individual applies his talent to a certain craft or job so he can exchange his produce with other goods which he will need for himself. A person is motivated to apply himself to work, which others can benefit from, not for the sake of others but for his own self. Self-interest entails wisdom and intelligence whereas selfish and egotistical motives refer to vanities and mindless instincts. Smith had self-interest in mind when he stated the aforecited passage.
Q 4. This statement simply means that all men need the same basic things to survive, food, shelter and clothing. This aspect of a man’s life makes a genius an equal to the street porter because a genius ( like the philosopher) and the average-intellect person (street porter), both need food to live and, need clothes to wear for protection and shelter to protect himself from the elements.
2 on the theory that the value of a thing, is dependent upon its usefulness. Smith, in introducing this new theory, pointed out that water is very useful but without value while diamonds are valuable but are useless.
Q 6 It is unfair and wrong to demand rent on top of the land rent because it – a non-labor income – already grants the tenant the right to use the land in accordance to the agreement between him and the land owner. Smith advocated that land rents must be taken from the surplus profits of the produce of the land and therefore the rate of which is dependent upon other variables like quality of the produce, the law of supply and demand, their marketability and the like.
Q 7 The law of supply and demand, that is – the price of goods goes up because the demand exceeds the supply. When somebody important dies, the family, the relatives and the supporters of the deceased will be wearing black to show mourning and thus there is a heightened demand for the black cloth. This will have the effect of raising the price of the black
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Adam Smith is an economist and a writer of a number of prominent books, such as The Nature and Causes of the Wealth of Nations written in 1776. He theorized a system, which fixed essential principles of economics and its operations (Smith (a), n. d.). His book explicates the relation of supply and demand and the ideation of division of labour forces in the industrial period, which accorded him such distinction that catapulted him to the Board of Customs in Scotland.
When Chrisoula was asked about the medical history for Mr. Markantonakis she did not have a detailed response. She was unable to recollect about a motor vehicle accident he was involved in 2002 where he got neck and shoulder injuries. When Mrs. Markantonakis (Eleni) was asked same question, she said, the accident injuries were not serious though could not a certain about physiotherapist process since the process was undertaken by Mr.
No matter where you are, the computer and internet make the world as small as your own neighborhood. In the years that Marx developed his theory there was a local industry that grew rapidly. Marx could not have known that the changes of industrialization would be world wide and wide brand 100 years later.
It starts like this: "Good order is the foundation of all good things." Tell me what else he says there that explains this lead in sentence. I found similar statements of his conservative philosophy on pages
While Smith’s theories proved widely prescient, in some regards they clung to an overly idealistic articulation of world processes. This essay examines Smith’s understanding of capitalism and demonstrates why his ideals cannot entirely be followed in the modern world. In the Wealth of Nations Smith established a pure view of capitalism.
According to Sheil (28), the exposed proton dose of 9.5nC mm-2 leads to Young’s modulus of 4.254GPa, the magnetic field strength Bo = =0.7052186T
From the question the gradient strength is 10m/m and the
With division of labor, each department has increased dexterity, more time is saved and advancements in technology hence improving departmental production and consequently production of the entire organization. Several factors
, sovereignty refers to the state in which the entire state or the governing body has the full powers or rights to govern itself without facing any interference from any outside agencies or sources. The governing body has the total control to make the country laws, amend them