1. Analyze: According to Adam Smith, why is competition a good thing? Explain.

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05-06-2024
Business

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1. Analyze: According to Adam Smith, why is competition a good thing? Explain.

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-05T16:35:09-04:00

Final answer:

Competition in capitalism, highlighted by Adam Smith, encourages continuous improvement of products and services through businesses striving to offer better quality at lower prices.

Explanation:

Competition in capitalism, as emphasized by Adam Smith, is beneficial because it drives continuous improvement of products and services. Businesses strive to outperform each other by offering better quality at lower prices, leading to innovation and better value for consumers. This dynamic competition fosters progress and efficiency in the market.

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