Adam Smith Coined the Term "Invisible Hand" to Mean

question 231

Multiple Choice

Adam Smith coined the term "invisible hand" to mean:

• A) a physical hand that leads individuals to promote social interest by pursuing self-interest.
• B) a metaphorical hand that leads individuals to promote social interest by pursuing self-interest.
• C) a physical hand that leads individuals to promote self-interest by pursuing social interest.
• D) a metaphorical hand that leads individuals to promote self-interest by pursuing social interest.

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Definitions:

Focus Strategy

A competitive approach in which a company concentrates on serving a specific segment of the market.

Unique Market Segment

A distinct group within a market that has its own specific needs, preferences, and characteristics that differentiate it from other segments.

Competitive Advantage

is a condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.

Cost Leadership

A business strategy focusing on gaining a competitive advantage by being the lowest-cost producer in the industry while maintaining acceptable quality levels.