Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please listen to: The Pickle Problem https://www.npr.org/transcripts/457408717 In this podcast, you will learn about supply, demand, and the power of markets. The podcast tells the

Please listen to: "The Pickle Problem" https://www.npr.org/transcripts/457408717

In this podcast, you will learn about supply, demand, and the power of markets. The podcast tells the story of how some economists dramatically improved distribution of food throughout our nation's homeless shelters by setting up a market. When listening to this podcast, please think about Adam Smith and the Invisible Hand.

The phrase "Invisible Hand" was introduced by Adam Smith in his book 'The Wealth of Nations'. The invisible handis a metaphor for the unseen forces that move thefree market economy. Through individual self-interest, the best interest of society, as a whole, are fulfilled. Each free exchange creates signals about which goods and services are valuable and how difficult they are to bring to market.

Please explain in your words how the market mechanism improved the distribution of food.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Microeconomics

Authors: Robert Frank

7th Edition

1260111083, 9781260111088

More Books

Students also viewed these Economics questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago