The concept of the invisible hand begins with the assumption that the primary motivation of entrepreneurs is that they will prosper from their own hard work.
Level of Learning 2: Understanding of concepts and principles

Question

Quizplus · Accepted Answer

The concept of the invisible hand is based on the assumption that individual self-interest, rather than altruism, is the primary motivation of entrepreneurs. It suggests that when each individual pursues their own self-interest, the overall economy benefits. The idea of prospering from one's hard work is related to the meritocracy concept, which is not directly linked to the invisible hand concept.

The Concept of the Invisible Hand Begins with the Assumption