The term that relates to the laws of supply and demand, the division of labor, and mass production is economic liberalism.
The term that relates to the laws of supply and demand, the division of labor, and mass production is economic liberalism. Economic liberalism is an ideology that emphasizes individual liberty, free markets, and limited government intervention in economic affairs. It supports the principles of supply and demand, allowing market forces to determine prices and allocation of goods and services. Economic liberalism also encourages division of labor, which means different individuals specialize in specific tasks to increase efficiency and productivity. Furthermore, mass production, which involves producing goods on a larger scale using standardized methods, is a characteristic of economic liberalism as it facilitates cost-effective production and increases output.
