Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 1 - Part I - Ten Principles of Economics - Questions for Review: 6

Answer

The invisible hand is a term coined by Adam Smith in 1776 when he wrote about the inquiry of the wealth of nations the invisible hand refers to the guided process of firms and households in the market so that they can reach desirable market outcomes.

Work Step by Step

This is a question regarding the marketplace and the ideology of how government intervenes in the marketplace to help society achieve efficiency and maximized trade.
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