Question

1. Use the appropriate number to match the terms with the phrases below. 1. invisible hand 4. consumer sovereignty 2. coincidence of wants 5. creative destruction 3. division of labor 6. Specialization a. Using the resources of an individual, a firm, a region, or a nation to produce one (or a few) goods and services. _________________ by. The tendency of firms and resource suppliers seeking to further their own self-interest while also promoting the interests of society in a market economy. _______1__________ c. The situation where new products and production methods eliminate the market position of firms doing business using existing products or older production methods. _________3_________ d. Splitting the work required to produce a product into a number of different tasks that are performed by different workers. ______2___________ e. A situation in which the product the first trader wants to sell is the same as the product the second trader wants to buy, and the product the second trader wants to sell is the same as the product the first trader wants to buy. _______4___________ f. Determination by consumers of the types and quantities of goods and services that will be produced in a market economy

Answer 1

Step-by-step explanation:

a). Using the resources of an individual, a firm, a region, or a nation to produce one (or a few) goods and services. -- 6. Specialization

b). The tendency of firms and resource suppliers seeking to further their own self-interest while also promoting the interests of society in a market economy. -- 1. invisible hand

c).The situation where new products and production methods eliminate the market position of firms doing business using existing products or older production methods.-- 5. creative destruction

d). Splitting the work required to produce a product into a number of different tasks that are performed by different workers. -- 3. division of labor

e). A situation in which the product the first trader wants to sell is the same as the product the second trader wants to buy, and the product the second trader wants to sell is the same as the product the first trader wants to buy. -- 2. coincidence of wants

f). Determination by consumers of the types and quantities of goods and services that will be produced in a market economy -- 4. consumer sovereignty