Asked by
Angelica Nieto
on Nov 25, 2024Verified
The facts that many people give to charity and that most people obey the law regardless of whether someone is watching or not, are field evidence for
A) the invisible hand.
B) fairness.
C) self-interest.
D) cognitive biases.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally benefit society.
Fairness
The quality of making judgments that are free from discrimination, dishonesty, or injustice.
- Comprehend the principles of behavioral economics, encompassing notions of self-interest and altruism.
- Identify the influence of ethical and fairness considerations in making economic decisions.
Verified Answer
OU
Learning Objectives
- Comprehend the principles of behavioral economics, encompassing notions of self-interest and altruism.
- Identify the influence of ethical and fairness considerations in making economic decisions.
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