Adam Smith's Invisible Hand Refers to

question 149

Multiple Choice

Adam Smith's invisible hand refers to

• A)the government's unobtrusive role in ensuring that the economy functions efficiently.
• B)property ownership laws and the rule of the court system.
• C)the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
• D)the laws of nature that influence economics decisions.

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Definitions:

Organizational Stakeholders

Individuals or groups with an interest or investment in the success and operations of an organization, such as employees, customers, and shareholders.

Flexible Working Hours

A work arrangement that allows employees to alter their workday start and finish times or work from different locations.

Environmental Uncertainty

The degree of unpredictability in an organization's external environment, affecting decision-making processes and strategies.

Sustainable Development

A development approach that meets the needs of the present without compromising the ability of future generations to meet their own needs.