Each Person Goes About Her Daily Business Seeking to Maximize

question 108

True/False

Each person goes about her daily business seeking to maximize her own self interests.In doing so, she contributes to the welfare of society at large.This is the idea underlying Adam Smith's "invisible hand."

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Definitions:

Reflexive Response

An automatic reaction to a stimulus, not under conscious control, often protecting the body from harm or promoting its physiological well-being.

Neutral Stimulus

A stimulus that initially produces no specific response other than focusing attention, until it is paired with an unconditioned stimulus.

Classical Conditioning

A learning process in which a neutral stimulus becomes associated with an inherently meaningful event or stimulus, eliciting a conditioned response.

Turned Off

A colloquial term describing a lack of interest or a state of disinclination towards something.