In a sentence, describe the meaning of the phrase “invisible hand.”

Q: One of the important concepts for understanding cities is “path dependency.” Which of the following…

A: Path dependency is one of the approaches to make economic decisions on the purchase or exchange…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: What’s the invisible hand?

A: The concept of the invisible hand was introduced by Adam Smith in his 1759 book The Theory of Moral…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Explain what is the three methods of linking theory and analysis?

A: Theories: It refers to the big ideas that help in solving the various kind of problems in the…

Q: Answer all the questions given below and also include sources.   Google provides email users with…

A: Yes , Google provides email users with 15GB of “free” storage. The idea is to offer people with some…

Q: In economics, cost is and benefit is a. the amount of money that you pay for something; the amount…

A: Economists are eager in finding out how the resources are allocated or how optimization of resources…

Q: Explain the economic concept of scarcity.

A: Scarcity is considered as a basic economic problem, it refers the shortage of resources to meet the…

Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…

A:

Q: The Invisible Hand' alludes to

A: Invisible hand refers to the market's mechanism of consumers and sellers self adjusting to market…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given, Number of people = 100  1 ham requires 100 people

Q: Thanks for your answer. Can you explain in a little more detail?

A: Negative externality refers to when the production or consumption results in a cost to the third…

Q: Paying for sneakers using a credit card is an example of a person borrowing

A: A credit card refers to a thin rectangular piece of plastic or metal card issued by financial…

Q: Why do marginal costs tend to rise, and marginal benefits tend to fall

A: Marginal cost is the addition cost which is incurred for producing an additional output.  Marginal…

Q: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: in your own words , summarize the relationship of science and technology, social , cultural,…

A: Answer: Science brings innovation through experiments research and the process of innovation and…

Q: What thing is considered as an integral part of the capitalistic economy? One word

A: According to the given question Actually the capitalistic economy is also known by the other name…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

Q: How do I solve the following problem?

A: We will use profit maximisation techniques to solve this question.

Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: What type of "Scarcity" in your daily life do you face? Briefly describe.

A: Scarcity is the situation where the resources are being short and limited to use for the people.

Q: A mattress company can create mattresses to sell in retail stores/online or utilize the same…

A: The word "opportunity cost" is a macroeconomic concept that refers to resource shortage. Due to a…

Q: How do Mankiw’s ten principles connect with Baumann’s ten principles

A: Mankiw's principles and Baumann translation of those principles are interlinked to each other.…

Q: What are Direct Materials?

A: Direct materials are the physical items that are used in the manufacturing process to produce the…

Q: The term "society" can be described as: A: Organized human interactions B: Social structures or…

A: Society is the term that can be looked into as the collective sum of social interactions and…

Q: graphically explain the economy-environment interaction?

A: Economy: The economy deals with the careful use of money, allocation of resources, and means of…

Q: Illustrate some examples of straight-line methods?

A: According to the straight-line method of depreciation, the equal amount of depreciation is allocated…

Q: ny units of X can be produced whe s are utilized in its production

A: Since you have asked multiple questions we will answer the first one for you. When only two goods…

Q: What is an example of a problem in the world today, not mentioned in the chapter, that has an…

A: The economic dimension deals with all of the event firm and individual event's economic…

Q: Explain the concept of the invisible hand that was created by Adam Smith.

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: What is scarcity

A: Scarcity is an economic concept which refers to the limited or low availability of the resources or…

Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you

A: According to the given question opportunity cost is simple words we can say that it is the cost of…

Q: How should we deal with the problem of scarcity?

A: Scarcity:- Scarcity refers to condition of not having enough resources to fulfill our wants. Problem…

Q: Scarcity

A: Scarcity is one of the problem faced by all economy.

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: What is the importance of the phrase "Invisible hand" Introduced by Adam Smith in his book "The…

A: The distribution of resources emerges as a challenge to a society that is resources in a finite…

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: Use the theory of the invisible hand to analyze events in everyday life.

A: Answer: The theory of invisible hand is given by the classical economist Adam smith. According to…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: It is given that the town has the total population of 100 people. The town likes to consume the hams…

Q: What is opportunity cost in both terms tangible and intangible. Explain with the help of examples?

A: The limited availability of a resource or good against a theoretically unlimited requirement is…