Changes

We will be referring to transaction costs throughout this course.  They are one of the most basic concepts in economics.  Often transaction costs are obstacles to the efficient purchase and sale of goods.

We will be referring to transaction costs throughout this course.  They are one of the most basic concepts in economics.  Often transaction costs are obstacles to the efficient purchase and sale of goods.

==Invisible Hand==

==The "Invisible Hand"==

Have you ever heard of the “invisible hand”?  The most famous economist of all time, the Scottish philosopher Adam Smith, coined this term in his breakthrough tome called “The Wealth of Nations.”  The “invisible hand” is the unseen force that guides individuals, who are acting to help themselves, to work in ways that benefit society.  For example, the businessman who keeps his store open longer each day to make more money for himself ends up helping customers who need to buy his goods late at night.

Have you ever heard of the “invisible hand”?  The most famous economist of all time, the Scottish philosopher Adam Smith, coined this term in his breakthrough tome called “The Wealth of Nations.”  The “invisible hand” is the unseen force that guides individuals, who are acting to help themselves, to work in ways that benefit society.  For example, the businessman who keeps his store open longer each day to make more money for himself ends up helping customers who need to buy his goods late at night.