8. Define the following terms: Adam Smith:).
Invisible Hand:
Consumer Sovereignty:
Laissez faire:
Incentive:
Profit:
Specialization:

Adam Smith: The Father of Economics

laissez-faire," or free-market,

invisible hand:The concept of the "invisible hand" was explained by Adam Smith in his 1776 classic foundational work, "An Inquiry into the Nature and Causes of the Wealth of Nations." It referred to the indirect or unintended benefits for society that result from the operations of a free market economy

consumer sovereignty:the situation in an economy where the desires and needs of consumers control the output of producers.

incentive:a thing that motivates or encourages one to do something

profit:a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

specialization:the process of concentrating on and becoming expert in a particular subject or skill.