Adam Smith believed that since businesspeople are motivated to improve their own prosperity,their actions are unlikely to benefit society as a whole.
Level of Learning 2: Understanding of concepts and principles

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This statement is actually a misconception about Adam Smith's beliefs. In his book "The Wealth of Nations," Smith argued that individuals pursuing their own self-interest could actually lead to the greater good of society through the invisible hand of the market. By seeking to maximize their own profits, businesses would naturally be motivated to provide goods and services that people want and need, which in turn would contribute to the overall well-being of society.

Adam Smith Believed That Since Businesspeople Are Motivated to Improve