Which Concept Did Friedrich Hayek Refer to as "Spontaneous Order

question 10

Multiple Choice

Which concept did Friedrich Hayek refer to as "spontaneous order"?

• A) the Prisoner's Dilemma
• B) decentralized cooperation
• C) equality of outcome
• D) the invisible hand

Learn about the projections for the fastest-growing and declining occupations in the U.S.

Understand the principles of profit maximization in resource allocation.

Learn the conditions for equilibrium in competitive resource markets.

Understand the impact of the Immigration Act of 1924 on various countries and the resulting shifts in immigration patterns to the United States.

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Definitions:

Elton Mayo

A pioneering researcher in industrial human relations who led the Hawthorne Studies, which highlighted the importance of social factors in the workplace such as employee morale and productivity.

Productive Efficiency

A situation where an economy or firm produces goods or services at the lowest possible cost, often achieved by fully utilizing all available resources.

Pareto Analysis

A statistical technique used in decision making that is based on the principle that 80% of effects come from 20% of causes, often used to prioritize tasks.

80/20 Rule

A principle stating that 80% of effects come from 20% of causes, often used to highlight the importance of focusing on the most productive inputs.