Invisible Hand Is a Term Used by the Economist ______

question 74

Short Answer

Invisible hand is a term used by the economist ______ in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations.

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Definitions:

Absorption Costing

An accounting method that includes all direct costs and overheads involved in manufacturing a product in the cost of that product.

Contribution Margin

The amount of revenue remaining after subtracting the variable costs associated with producing goods, contributing to covering fixed costs and profit.

Service Firms

Companies that primarily provide intangible products or services to customers, such as consultancy, education, financial services, and healthcare.

Inventory

The total amount of goods and materials held by a company intended for sale or used in production.