chapter 1Question 1 2

chapter 1Question 1 2 - Question 1 The concept of the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 1 “The concept of the invisible hand of the market in action is the principle that the pursuit of self-interest in the market place, naturally leads to the improved well being of society in general. The invisible hand of the market only works to create a public good and higher utility for most people if a system of rules and laws exist to allow free and fair competition for resources and products.” In order for the market to continue to progress no particular business can take complete control over the market. For a business to transpire in the market there has to be fairness across the board in order for businesses to continually be successful in the market. For progression in the market there has to be equal liberty in the market place. “Through the invisible hand of the market, the interaction of business commerce and occupation determines the standard of living, wealth, and prosperity of people, groups, and society. It all determines how profit will be shared between people and groups in society.” Business owners and co-
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

chapter 1Question 1 2 - Question 1 The concept of the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online