Asked by
Sydne Wells
on Nov 29, 2024Verified
Adam Smith formulated the invisible hand and the free market to explain the motivation for individual behaviors. The invisible hand refers to:
A) the variables within an individual that lead to motivation and behavior.
B) the desire to influence others, the urge to change people or events, and the wish to make a difference in life.
C) the work conditions related to satisfaction of the need for psychological growth.
D) the unseen forces of a system that shape the most efficient use of people, money, and resources for productive ends.
Invisible Hand
A metaphor used by economist Adam Smith to describe the self-regulating behavior of the marketplace.
Free Market
An economic system where prices for goods and services are determined by open market and competition, without intervention from government.
Unseen Forces
Hidden or not immediately apparent factors that can influence outcomes and processes in various contexts.
- Acquire an understanding of how Adam Smith's self-interest principles affect economic conduct and productivity levels.
Verified Answer
EG
Learning Objectives
- Acquire an understanding of how Adam Smith's self-interest principles affect economic conduct and productivity levels.