Asked by Bryce Folsom on May 11, 2024
Verified
The invisible hand is
A) Perfect competition.
B) The profit motive.
C) Government direction.
D) The mixed economy.
Invisible Hand
The invisible hand is a metaphor introduced by Adam Smith to describe the unintended social benefits resulting from individual actions driven by self-interest.
Perfect Competition
A market structure characterized by a large number of small firms, homogeneous products, and the free entry and exit of firms, where no single firm can influence the market price.
Mixed Economy
An economy in which production and distribution is done partly by the private sector and partly by the government.
- Comprehend the importance of theories posited by Adam Smith and the principle of the invisible hand.
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Learning Objectives
- Comprehend the importance of theories posited by Adam Smith and the principle of the invisible hand.
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