Question

HELPPP!!! What did Adam Smith argue should regulate the quantity of goods and services produced and exchanged in a society?

A. The guilds in consultation with the Church
B. Democratically determined laws
C. The invisible hand of the market
D.The monarch's chief economic advisors

Answer 1

Answer: Adam Smith argued that the quantity of goods and services produced and exchanged in a society should be regulated by the "invisible hand" of the market. He argued that when individuals act in their own self-interest, it leads to an efficient allocation of resources within a society. This idea is known as the law of supply and demand, which states that prices for goods and services are determined by how much people are willing to pay for them. Smith believed that this law was a natural phenomenon that could not be interfered with or manipulated by any outside forces.

Step-by-step explanation:

Answer 2

Adam Smith argued that the invisible hand of the market should regulate the quantity of goods and services produced and exchanged in a society. According to Smith, in a free market economy, individuals pursuing their own self-interest would be led by an invisible hand to promote the public interest, as if guided by an invisible hand. This means that the market would allocate resources in the most efficient manner, and that the quantity of goods and services produced and exchanged would be determined by supply and demand, rather than by government intervention or central planning.

Step-by-step explanation: