Question

In his famous book "The Wealth of Nations" Adam Smith stated: �It is not from the benevolence of the butcher, the brewer, or the baker that we expect out dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.� What do you think Adam Smith meant in this statement? You must use and connect all the following concepts covered in the Chapter correctly in your response: specialization, self-interest, competition, mutual gains from trade, market coordination, and the price mechanism.