Adam Smith Sought to Explain the Concept of Aligning Self-

question 60

Multiple Choice

Adam Smith sought to explain the concept of aligning self- interest with the promotion of society's overall interest by:

• A) using an analysis of wealth as productivity.
• B) suggesting markets are led by an Invisible Hand.
• C) arguing that markets were ineffective institutions.
• D) admitting his own inability to explain how such alignment takes place.

---

Definitions:

Formalize Agreement

The action of making an agreement official or legally binding through the proper channels and documentation.

Union Proposals

Suggestions or demands put forward by a labor union during negotiations with employers about terms of employment, wages, and workplace conditions.

Decertify

The process of revoking or removing the official recognition or certification of a role, organization, or activity, often related to unions.

Bargain

The act of negotiating terms between two parties, such as between employers and employees over wages and working conditions.