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Figure 6-1
-Which structure is termed a central canal?
Market System
An economic system whereby decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals working for their own gain unintentionally benefit society.
Wealth of Nations
A seminal book by Adam Smith that examines how nations achieve wealth and economic growth.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his book "The Wealth of Nations," which lays the foundation for classical economics.
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