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When a consumer identifies a need and gets motivated to solve the issue, ______ occurs.

User Arsalan
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Final answer:

The invisible hand theory, coined by Adam Smith, describes how the pursuit of self-interest by consumers and producers in a market helps advance society, as evident when shoppers get good deals.

Step-by-step explanation:

When a consumer identifies a need and gets motivated to solve the issue, consumer decision-making process occurs. An economist might refer to a scenario where a shopper gets a 'good deal' on a product as an example of the invisible hand theory proposed by Adam Smith. This theory describes how individuals' pursuit of their self-interest inherently helps to advance society at large, as it encourages businesses to provide goods and services that meet consumers' needs at competitive prices.

User Andy Newman
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