Answered: what did adam proposed that government…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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what did adam proposed that government should do to help the economy

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Government is a very important economic unit. It controls an economy and provides various resources to the citizens. The sector of the economy controlled by the government is called the public sector and the sector which is controlled by private individuals is called private sector. The role of government in an economy depends upon the type of economic system. In a free market economy, price mechanism plays an important role and the role of government is restricted whereas in case of command economy all the economic decisions are taken by the government.

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