"Supply & Demand" Lecture (2)

Question 1

“Founder of modern economic philosophy” (invisible hand)

Answer 1

Adam Smith

Question 2

These types of markets are guided, sustained by the invisible hand. There are so many bidders and sellers that an individual has a negligable impact on the price.

Answer 2

Competitive Market

Question 3

Coined by Adam Smith, guides competitive markets carefully

Answer 3

Invisible Hand

Question 4

Guided by ISO, gov’t

Answer 4

Visible Hand

Question 5

Too many producers, price is too high

Answer 5

Excess supply

Question 6

Price is often low, production not high enough

Answer 6

Excess demand