Explain this quote from Adam Smith: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner but from their regard to their own interest.”
Please provide the best answer for the statement.
Adam Smith believed that sellers want to make a profit and that is the reason that they are willing to sell to consumers. They are not producing bread, beer, or meat to satisfy the hunger of their customers, but rather to earn the revenue that results from the sale of these products. If they produced due to benevolence, they would give away these products.
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Refer to the table above. If the market price of wine is $4/bottle, and the market demand for wine is 65 bottles, Sandra's demand for wine is:
A) 18 bottles. B) 40 bottles. C) 47 bottles. D) 111 bottles.
In the period 1980-92, United States net national saving fell due to
A) large budget deficits and an increase in private saving. B) small budget deficits and a decrease in private saving. C) small budget deficits and an increase in private saving. D) large budget deficits and a decrease in private saving.