Answered

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What is meant by the "invisible hand" of the market?

A. When supply and demand dictate the value of goods
B. When governments encourage exports over imports
C. When capital is used to produce wealth
D. When profits are earned on goods

Sagot :

GinnyAnswer

Final answer:

The 'invisible hand' concept in economics highlights how individual pursuit of self-interest can lead to societal benefit in a free-market economy.


Explanation:

The "invisible hand" of the market concept, coined by Adam Smith, refers to the idea that in a free-market economy, individuals seeking their own self-interest inadvertently contribute to the overall good of society. This occurs as individuals pursuing profit guide resources towards efficient production and satisfying consumer needs.


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