Answer:
Self-interest in a market system will automatically promote the public interest as well.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
The "invisible hand" concept asserts that the self-interest by producers and suppliers of resources in a market system will automatically promote the public interest as well.
This ultimately implies that, public and private interest will always coincide assuming there exist competition in a free market system.
In conclusion, the invincible hand concept is a metaphorical description of the unforeseen forces that typically moves a free market system or economy.
Ethnography is an approach in research, where the subjects are observed in their homes and/or communities.
- Ethnography is a mode of research that is largely used in the fields of Anthropology and Sociology.
- It is a method, wherein, the subjects of the study are not enclosed within an artificial environment, or otherwise known as a laboratory.
- They are studied by being observed in the environment they originate from or belong to.
- This method is specifically useful, while studying various cultures.
- It helps control the unwanted effects of being introduced in a new environment, which could alter the behavior of the subjects of the study.
Therefore, it is clear that Ethnography is the approach in research, where the subjects are observed in their homes and/or communities.
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Retained profits have several major advantages: They are cheap (though not free) – effectively the "cost of capital" of retained profits is the opportunity cost for shareholders of leaving profits in the business (i.e. the return they could have obtained elsewhere)
No, because consumers equate quality of batteries with higher prices. With batteries consumers believe there is a price- quality relationship, it does not make the consumers, price insensitive. Also, there is no indication Energizer set a target price and adjusted cost and quality components to maintain wholesaler and retailer margins.
Decentralization or decentralisation is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
