The idea that a free market economy will regulate itself through unseen forces to provide the greatest overall benefit to society.Group of answer choicesColonialismInvisible handMercantilismTariff
Question
The idea that a free market economy will regulate itself through unseen forces to provide the greatest overall benefit to society.Group of answer choicesColonialismInvisible handMercantilismTariff
Solution
The answer to your question is "Invisible hand". This term is often used in economics to describe the self-regulating nature of the marketplace in determining how resources are allocated based on individuals acting in their own self-interest. The concept was introduced by the economist Adam Smith in his 1776 book "The Wealth of Nations".
Similar Questions
An economic system based on competition for market shareGroup of answer choicesGlobalizationTariffColonialismCapitalism
n economic theory that trade generates wealth and that trade should be mostly focused on exports to protect the national economy.Group of answer choicesColonialismInvisible handMercantilismTariff
An economic system based on complete freedom of trade and little, if any, government control is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization
The system that is based on a free market economy where individuals are allowed to own private property, businesses, industries, and farms. Individuals have the right to start their own businesses and profit from their hard work is referred to by what term?CapitalismCommunismRadicalismSocialism
A free enterprise system is also called ____________ or a market economyResponsescapitalismcapitalisma mixed economya mixed economycommunismcommunisma dictatorship
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.