An Example of Adam Smith's "Invisible Hand" Is Self-Interested Businesspeople

question 222

True/False

An example of Adam Smith's "invisible hand" is self-interested businesspeople developing a better keyboard for the blind in hopes of making large profits.

---

Definitions:

Total Quality Management

A management approach focused on improving the quality of an organization's outputs, including goods and services, through continual improvement of internal practices.

Quality Improvement

A systematic approach to reducing or eliminating waste, errors, and defects in a production process or service operation, aimed at enhancing customer satisfaction.

Financial Accounting

The field of accounting concerned with the summary, analysis, and reporting of financial transactions related to a business, to external stakeholders.

Managerial Accounting

Managerial accounting involves the provision of financial and non-financial decision-making information to managers, focusing on the internal needs of a business.