Question

select the correct answer.

mark is an excellent cook. he does not have any formal training but learned to cook by following the recipes of several famous chefs and his mom. every weekend, he invites friends over for dinner so he can try new dishes and get honest feedback from his friends. mark wants to start his own restaurant someday because he thinks he would be successful and become wealthy. which of adam smiths ideas made mark think of starting a restaurant?

invisible hand
self-interest
competition
laissez-faire

Explanation:

Analyze the scenario and motivation

The prompt describes Mark's desire to start his own restaurant because he believes he would be successful and "become wealthy." This motivation is driven by personal gain and financial reward.

Connect to Adam Smith's economic concepts

Adam Smith argued that individuals pursuing their own personal gain or "self-interest" inadvertently promote the general economic well-being of society. Mark's goal to become wealthy by opening a restaurant is a direct example of acting out of self-interest.

Evaluate the given options

• Invisible hand: The unseen market force that guides self-interested actions to benefit society.
• self-interest: The personal motivator (wealth, success) driving Mark's decision.
• competition: The rivalry among sellers to attract consumers.
• laissez-faire: The doctrine of minimal government intervention.

Since the question asks specifically which idea made Mark think of starting a restaurant to "become wealthy," it refers to his personal motivation of self-interest.

Answer:

• Invisible hand
• self-interest (Correct answer)
• competition
• laissez-faire