According to the theory of the invisible hand, when there is competition, self-interested decisions advance the society interests.
<h3>What is the invisible hand theory?</h3>
Adam Smith, a Scottish philosopher and economist, popularized the metaphor of the "invisible hand" to describe the processes by which positive social and economic consequences may result from the collective self-interested acts of individuals, none of whom intend to produce such outcomes.
<h3>How is Adam Smith's invisible hand idea still applicable today?</h3>
An important economic idea that is still relevant today is the invisible hand theory. It may provide insight into the operation of free markets and consumer behavior. Although the idea is significant, it is frequently applied in ways that are inconsistent with Smith's original text or out of context.
<h3>What exactly is the "invisible hand" and why is it significant?</h3>
The term "invisible hand" describes how an individual's self-interests help society as a whole. In other words, through pursuing the profit motive, individuals are required to offer commodities at a cost that others are prepared to pay. Society gains as a result since those goods might not have been created otherwise.
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Everything the includes law .........
The one most applicable to this scenario is the <span>Americans with Disabilities Act.
Hope this helps!!</span>
Entry to record the purchase will include <u>a debit to supplies and a credit to accounts payable</u>.
Accounts payable (AP) are amounts because of companies or providers for goods or services acquired that have not been paid for. The sum of all tremendous amounts owed to providers is shown as the money owed payable stability at the enterprise's stability sheet.
A debit will increase asset or fee debts and decreases legal responsibility, sales, or fairness debts. A credit is continually located at the proper aspect of access. It increases legal responsibility, revenue, or equity money owed and reduces asset or cost money owed.
Purchasing is the buying of goods or offerings. An item that has been bought is known as a purchase. the opposite of a purchase is a sale. In not unusual usage, the shorter word "purchase" is usually used whilst buying, instead of the phrase "buy".
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<u>Answer:</u>
<u><em>Laws passed by the federal government often provide benefits for a small number of individuals. These individuals, in turn, have an incentive to contribute to the campaigns of politicians who pass these laws</em></u>
<u>Explanation</u>:
When individuals or firms cunningly try to get benefits from government at the detriment of others it term rent seeking.
Implying they seek shelter under this laws that benefit them the most.
For example, certain tax laws may favor the weather citizens of a country and they (the wealthier citizens) may take advantage of that.
