COMMERCE 1B03 Chapter Notes - Chapter 2: Monopolistic Competition, Demand Curve, Market Price
5 Feb 2014
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Businesses may contribute to an economic system by inventing products that greatly increase available resources. Give a man a fish and you feed him for a day, but teach a man to fish and you feed him for a lifetime. You can add to that: teach a person to start a fish farm, and he or she will be able to feed a village for a lifetime. the secret to economic development is contained in this last statement. Business owners provide jobs and economic growth for their employees and communities as well as for themselves. Scottish economist adam smith envisioned creating more resources so that everyone could become wealthier. father of modern economics. Yet as people try to improve their own situation in life, smith said, their efforts serve as an invisible hand that helps the economy grow and prosper through the production of needed goods, services, and ideas.
