The Invisible Hand of the Marketplace Acts to Allocate Resources

question 75

True/False

The invisible hand of the marketplace acts to allocate resources efficiently, but it does not necessarily ensure that resources are allocated fairly.

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Definitions:

Privatization of Public Space

The process through which communal or publicly owned spaces are sold to private entities or managed in ways that prioritize private interests over public access.

Urban-Growth Machine

A theory suggesting urban development, and economic growth are driven by a coalition of interest groups who all benefit from continuous expansion.

Gentrification

The process by which higher income or social class groups enter and renovate urban neighborhoods, often leading to displacement of lower-income residents and changes in the area's character.

Working-Class

The social group comprising people employed in lower tier jobs, often involving manual labor or skilled trades, traditionally lacking significant economic or social capital.