1. in capitalism, supply in the man should accomplish which of the following?
a. always allow supply to exceed the man
b. always allowed a man to exceed supply
c. have enough tension between the two to create the need for both

2. mercantilism is best described by which of the following statements?
a. an early form of capitalism
b. an example of a command
c. and example of a free market economy

3. what are the following is true about capitalism?
a. it is written about by aristo and plato.
b. it was first described by adam smith
c. it is the economic system favored by faces regimes

1. C

2. B

3. B

Explanation:

Capitalism in economy, also known as market economy, refers to a system where both supply and demand are followed and it is based on both of these that decisions are made.  

Businesses follow the demand of individual citizens. The greater the demand, the bigger the opportunity for profit and businesses can then raise the prices. An insufficient supply creates tension and allows businesses to profit.

Mercantilism is an economic policy, which characterizes those countries who strive to depend on their own wealth. This means that export should be preferred to import, and it is in the government best interest to increase the amount of gold stored in national treasury.

Mercantilism is considered a command economy as everything is strictly regulated, from production to consumption.

Adam Smith was a Scottish philosopher and the first one to theorize the modern day capitalism. In 1776, the time of the industrial revolution, he published his work An Inquiry into the Nature and Causes of the Wealth of Nations, where he offered a description of the economics.

It was this work that inspired the modern day capitalistic economy and Smith is considered the father of capitalism.

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