The Invisible Hand of a Market Economy 1. Adam Smith, in The Wealth of Nations, said the "invisible hand" determines what gets produce, how, and for whom. how individuals and firms working toward increasing their own wealth actually benefit society as a whole. For example, in the auto industry, the interactions between consumers and producers determine how many cars are produced rather than some central planning agency.

The Invisible Hand of a Market Economy 1. Adam Smith, in The Wealth of Nations, said the "invisible hand" determines what gets produce, how, and for whom. how individuals and firms working toward increasing their own wealth actually benefit society as a whole. For example, in the auto industry, the interactions between consumers and producers determine how many cars are produced rather than some central planning agency.

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter1: Exploring The World Of Business And Economics

Section: Chapter Questions

Problem 2DQ

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