Laissez-Faire Economic Principles
Definition
Laissez-Faire Economic Principles refer to the belief that the government should have minimal interference in economic affairs and that individuals and businesses should operate freely without regulations or restrictions.
Related terms
Capitalism: An economic system based on private ownership of resources and the means of production, where individuals pursue profit through competition in an open market.
Free Market: A system where prices and wages are determined by supply and demand rather than government regulation.
Invisible Hand: A concept introduced by Adam Smith, it suggests that self-interest and competition in a free market can lead to positive outcomes for society as a whole.
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Practice Questions (1)
How does Adam Smith's 'Wealth Of Nations' reflect its audience's shift towards laissez-faire economic principles?
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About Us
About Fiveable
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Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Cram Events
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Crisis Text Line
Help Center
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.