Adam Smith Used the Term 'Invisible Hand' in His 1776

question 136

Essay

Adam Smith used the term 'invisible hand' in his 1776 book The Wealth of Nations.Prices are the instrument with which the 'invisible hand' directs economic activity in a market economy.Explain.

---

Definitions:

Knowledge Management

The process of capturing, distributing, and effectively using knowledge within an organization.

Knowledge

refers to information, understanding, or skills obtained through experience or education.

Components of Knowledge Management

The processes and systems that capture, store, and distribute knowledge within an organization to improve understanding, collaboration, and process efficiency.

Managerial Decision Making

The process by which managers make choices among alternatives to guide the behaviors of others toward achieving organizational goals.