An economy where private individuals guided by the invisible hand make decisions is known as a:

Question

Quizplus · Accepted Answer

A market economy is a system where individuals and businesses make decisions based on supply, demand, and competition without centralized planning. The concept of the invisible hand refers to the idea that the pursuit of individual self-interest in a market economy will result in the promotion of the common good for society as a whole.

An Economy Where Private Individuals Guided by the Invisible Hand