An Economy Where Private Individuals Guided by the Invisible Hand

question 45

Multiple Choice

An economy where private individuals guided by the invisible hand make decisions is known as a:

• A) market economy.
• B) centrally planned economy.
• C) socialist economy.
• D) barter economy.

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Definitions:

Planter Elites

Refers to the wealthy and powerful landowners in agricultural societies, especially in the American South, who owned large plantations and slaves.

Colonial Society

The social, economic, and political structures established by European colonies in the Americas, characterized by distinct class systems, economies based on agriculture and trade, and diverse cultures.

Charleston

A historic port city in South Carolina, known for its rich history, well-preserved architecture, and role in both the American Revolution and Civil War.

Aristocrats

Individuals of noble status or high social rank, often possessing significant wealth, influence, or hereditary titles.