The Market as a Social Institution — Sociology STD 12 Humanities — Question
CBSE BoardEnglish MediumSTD 12 HumanitiesSociologyThe Market as a Social Institution2 Marks
Question
What is meant by the phrase ‘invisible hand’?
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Answer
An unseen force at work in/through the market economy that converts what is good for each individual into what is good for society. This unseen force was called the “invisible hand” by Adam Smith.
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