Adam Smith

A) was a Scottish professor of philosophy.
B) wrote The Wealth of Nations.
C) said that the entrepreneur is motivated by self-interest.
D) coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest.
E) All of the statements about Adam Smith are true.

Adam Smith

was an 18th-century Scottish economist and philosopher, best known for his works on the principles of free market economies.

Scottish Professor

Refers to academics from Scotland, particularly notable in areas such as philosophy, economics, and history, though not a specific individual or designation.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of their own interest leads to economic benefits for society as a whole.