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?
a. invisible hand
b. self - interest
c. competition
d. laissez - faire

Explanation:

Adam Smith's concept of self - interest posits that individuals, when acting in their own self - interest (such as Mark wanting to be successful and wealthy by starting a restaurant), can contribute to the overall economic well - being. Mark's motivation of personal success (wealth and success of his restaurant) is based on his self - interest.
The invisible hand refers to the unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium. Competition is about the rivalry between firms. Laissez - faire is an economic system where the government has minimal intervention. None of these concepts directly relate to Mark's motivation as much as self - interest.

Answer:

B. self - interest