Lesson 1 Lesson 1: The Invisible Hand
Presented by: Dr. Daniel Hammond
Wake Forest University
Fundamental Economic Concepts from the Classics
Producing goods and services from scarce resources is the fundamental economic problem that all nations face. In this lesson we will consider how “the invisible hand” process famously described by Adam Smith solves that problem, in part by engaging the division of labor to efficiently maximize the production process.
Lesson One Quiz
Test Your Understanding of Lesson One
"It is the great multiplication of the productions of all the different arts, in consequence of the division of labour, which occasions, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people."
"The key task facing any economy is the allocation of scarce resources which have alternative uses."
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