Humanities/Arts Exam > Humanities/Arts Videos > Sociology Class 12 > The Invisible Hand by Adam Smith
The Invisible Hand by Adam Smith Video Lecture | Sociology Class 12 - Humanities/Arts
|
62 videos|143 docs|25 tests
|
FAQs on The Invisible Hand by Adam Smith Video Lecture - Sociology Class 12 - Humanities/Arts
| 1. What is "The Invincible Hand" by Adam Smith? |  |
Ans. "The Invincible Hand" is not a specific work by Adam Smith. The correct term is actually "The Invisible Hand," which is a metaphor Adam Smith used in his book "The Wealth of Nations" to describe the self-regulating nature of the market economy.
| 2. What does the concept of the "Invisible Hand" mean? | |
Ans. The concept of the "Invisible Hand" refers to Adam Smith's belief that individuals, in pursuing their own self-interests, unintentionally promote the well-being of society as a whole. According to Smith, by pursuing their own profits, individuals are led by an invisible hand to create a balanced and harmonious market system that benefits society.
| 3. How does the "Invisible Hand" work in the market economy? | |
Ans. The "Invisible Hand" works in the market economy through the interaction of supply and demand. When individuals in pursuit of their own interests produce goods and services, they offer them to the market. The market, driven by consumer demand, determines the price and quantity of these goods. The "Invisible Hand" ensures that resources are allocated efficiently and that the market reaches equilibrium.
| 4. What is the significance of the "Invisible Hand" in economics? | |
Ans. The "Invisible Hand" is significant in economics as it highlights the importance of free markets and individual self-interest in promoting economic prosperity. It suggests that government intervention and control should be minimal, allowing the market to regulate itself. The concept has had a profound impact on the development of capitalist economic theory.
| 5. Can the "Invisible Hand" be applied to all aspects of society? | |
Ans. While the concept of the "Invisible Hand" primarily applies to the market economy, some argue that it can be extended to other aspects of society. They suggest that individuals pursuing their own interests can indirectly benefit society in areas such as education, healthcare, and social welfare. However, the applicability of the "Invisible Hand" beyond the market remains a subject of debate and interpretation.
Related Exams
About this Video
|
4.62/5 Rating |
|
Dec 22, 2024 Last updated |
Video Description: The Invisible Hand by Adam Smith for Humanities/Arts 2024 is part of Sociology Class 12 preparation.
The notes and questions for The Invisible Hand by Adam Smith have been prepared according to the Humanities/Arts exam syllabus.
Information about The Invisible Hand by Adam Smith covers all important topics for Humanities/Arts 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for The Invisible Hand by Adam Smith.
Introduction of The Invisible Hand by Adam Smith in English is available as part of our Sociology Class 12 for Humanities/Arts & The Invisible Hand by Adam Smith in
Hindi for Sociology Class 12 course. Download more important topics related with notes, lectures and mock test series for
Humanities/Arts Exam by signing up for free.
Description
Video Lecture & Questions for The Invisible Hand by Adam Smith Video Lecture | Sociology Class 12 - Humanities/Arts - Humanities/Arts full syllabus preparation | Free video for Humanities/Arts exam to prepare for Sociology Class 12.
Information about The Invisible Hand by Adam Smith
Here you can find the meaning of The Invisible Hand by Adam Smith defined & explained in the simplest way possible.
Besides explaining types of The Invisible Hand by Adam Smith theory, EduRev gives you an ample number of questions to practice The Invisible Hand by Adam Smith tests,
examples and also practice Humanities/Arts tests.
|
62 videos|143 docs|25 tests
|
|
Explore Courses for Humanities/Arts exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
shortcuts and tricks
,Exam
,The Invisible Hand by Adam Smith Video Lecture | Sociology Class 12 - Humanities/Arts
,Sample Paper
,Semester Notes
,Summary
,mock tests for examination
,Objective type Questions
,past year papers
,MCQs
,practice quizzes
,Free
,The Invisible Hand by Adam Smith Video Lecture | Sociology Class 12 - Humanities/Arts
,Important questions
,Extra Questions
,ppt
,The Invisible Hand by Adam Smith Video Lecture | Sociology Class 12 - Humanities/Arts
,video lectures
,Previous Year Questions with Solutions
,study material
,Viva Questions
;
Study The Invisible Hand by Adam Smith on the App
Students of Humanities/Arts can study The Invisible Hand by Adam Smith alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the The Invisible Hand by Adam Smith,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of The Invisible Hand by Adam Smith is prepared as per the latest Humanities/Arts syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup