The idea that the desires of resource suppliers and firms to further their own self-interest will automatically further the public interest is known as

A) consumer sovereignty.
B) the invisible hand.
C) derived demand.
D) creative destruction.

Consumer Sovereignty

The principle that the production and sale of goods and services in an economy are determined by the preferences and decisions of consumers.

Invisible Hand

A concept introduced by Adam Smith to describe how individuals’ self-interested actions can lead to positive social and economic outcomes for the community as a whole.

Self-Interest

An individual’s actions and decisions motivated by personal gain or benefit.