Question

Mark is an excellent cook. He does not have any formal training but learned to cook by following the recipes of several famous chefs and his mom. Every weekend, he invites friends over for dinner so he can try new dishes and get honest feedback from his friends. Mark wants to start his own restaurant someday because he thinks he would be successful and become wealthy. Which of Adam Smith’s ideas made Mark think of starting a restaurant?
invisible hand
self-interest
competition
laissez-faire

Answer 1

I believe the answer is: Self-interest

According to adam smith, people in general would put their own self-interest over other things that they are not interest in. Even though in some cases pursuing only for our self-interest could be a bad thing, in some cases it could make people able to pursue their dreams regardless of their unfavourable circumstances.

In the example above, self-interest cause mark to learn to cook without proper training. Self-interest to accumulate wealth for himself also drive his decision to start a restaurant.

Answer 2

Answer:

B. Self-Interest