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Who was Adam Smith?
World's first economist and a Scottish philosopher.
In your own words, explain Adam Smith’s concept of the Invisible Hand?
Adam Smith assumed that an economy can work well in a free market scenario where everyone will work for their own interests.
What motivates people to trade?
People motivates to trade for their own interests.
What kinds of signals do prices send, and to whom?
Prices were being changed by the demand of the items and the quality of the items.
What was Adam smith’s insight about complex, orderly systems?
Adam Smith thought that everything is human’s actions but not humans creation
What did Adam Smith mean by “the man of system”?
He can move people like a hand can move chess pieces.
Why did Adam Smith want government to be pro-market, as opposed to pro-business
MAny businesses create monopolies and deceive the public interest for their own benefit and own self interest.
In a free market, why don’t we have shortages or surpluses?
In a free we don’t have shortages because people build and create for their own interests.
How are prices determined on eBay?
Prices are determined by the buyers. If the product is in demand the prices rise and then the other way around.
Is it better to rely on other people’s pursuit of their self-interest, or on their benevolence?
I think people’s pursuit of their self-interest is better to rely on.
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