Asked by
Kelsey Bridges
on Oct 13, 2024Verified
Which does not fit with the others?
A) Competition
B) Government planning and regulation
C) The invisible hand
D) The price mechanism
Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally benefit society as a whole.
Price Mechanism
The way in which prices rise and fall as a result of changes in demand and supply, guiding the allocation of resources in a market economy.
- Grasp the significance of the price mechanism in allocating resources efficiently.
Verified Answer
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Learning Objectives
- Grasp the significance of the price mechanism in allocating resources efficiently.