Invisible Hand Is a Term Used by the Economist ______

question 204

Short Answer

Invisible hand is a term used by the economist ______ to describe how the decisions of households and firms lead to desirable market outcomes.

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Definitions:

Privity of Contract

The principle that a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it.

Doctrine of Privity

A legal principle stating that contracts are binding only upon the parties signing them, and no third-party can enforce or be obligated by the contract.

Progress Payments

Payments made through the course of a project or contract based on the completion of specified stages of work.

Purchase Money Security Interest

A legal claim that allows creditors to repossess property if the purchaser fails to make payment.