Which best describes the idea behind the "invisible hand"? producers decide what to make for consumers, which guides the economy. producers and consumers work together, which guides the economy. government sets policy for producers and consumers, which guides the economy. consumers decide what they need and want to buy, which guides the economy.

Question

Social Studies

Monroe

2 February, 05:31

Which best describes the idea behind the "invisible hand"? producers decide what to make for consumers, which guides the economy. producers and consumers work together, which guides the economy. government sets policy for producers and consumers, which guides the economy. consumers decide what they need and want to buy, which guides the economy.

+5

Answers (1)

Know the Answer?

Hallie Boyle · Answer 1

The "Invisible Hand" is considered as an Economic theory. This is a phrase initiated by Adam Smith. This is found in his book "The Wealth of Nations". This phrase denotes the advantage of individual actions and how this contributed to the market force. With this force, reaching the equilibrium of the demand and supply becomes possible. Therefore, the "invisible hand" guides the economy through consumers and producers who work together.