. In a sentence, describe the meaning of the phrase “invisible hand.” 10. In market econo
. In a sentence, describe the meaning of the phrase “invisible hand.”
10. In market economies, firms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference?
11. Distinguish between the resource market and the product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?