Adam Smith's Invisible Hand Principle Stresses

question 16

Multiple Choice

Adam Smith's invisible hand principle stresses

• A) that benevolence is a powerful motivator that encourages individuals to engage in productive economic activity.
• B) the tendency of the competitive market process to direct self-interested individuals into activities that enhance the economic welfare of society.
• C) the potential of government regulation as a means of bringing the self interest of individuals into harmony with the economic welfare of society.
• D) the tendency of self-interested individuals to pursue activities that benefit themselves but harm the overall economic welfare of society.

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Definitions:

Johari Window

A model used to improve understanding between individuals within a team or group, involving self-disclosure and feedback to and from others.

Blind Area

Part of Johari window model, it represents information that others know about a person but the person is unaware of.

Micromanagement

A management style characterized by excessive control or attention to minor details, often to the detriment of overall performance and morale.

Competence

The ability of an individual to perform a job properly, displaying the necessary skills and knowledge.