What is the function of an economic system*to coordinate production and distribution of goods and servicesto make sure people are paid for their laborto make sure all people have equal access to goodsto give all producers the same access to consumersWhat does Adam Smith's idea of an "invisible hand" represent? *

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the function of an economic system
*
to coordinate production and distribution of goods and services
to make sure people are paid for their labor
to make sure all people have equal access to goods
to give all producers the same access to consumers
What does Adam Smith's idea of an "invisible hand" represent? *

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Meaning of Economics:

The term economics refers to the situation under which there remain transactions of various products goods and services, thus these goods and service transactions occur in exchange terms of money flow in the region and various availability of resources, so as to develop various sectors.

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