The Invisible Hand isn’t so invisible after all!
The entire global economy boils down to two people: a buyer and a seller. And the system works best when the seller has the buyer’s best interests at heart. But even if the seller is acting strictly in his own interest, good things happen - we get what we want!
Over 200 years ago, a Scottish philosopher named Adam Smith came up with revolutionary ideas about how things work. Those ideas are easy to see in the world around us.
Visit a bakery in Scotland to witness supply and demand, and to learn how businesses know the prices at which they can sell their products and what they should offer customers. Then go to eBay to see the Invisible Hand in action, showing how economic systems can self-regulate without a “Man of Systems” micro-managing every transaction, and how trust and reputation are critical to sellers.
Educators can also get a free DVD version of the video, as well as access a full teacher’s guide and other teaching resources by creating a free account at www.izzit.org.
Subject Areas:
■ Business
■ Economics
■ Family & Consumer Science
■ Geography
■ Government
■ World History
Topics:
■ Adam Smith
■ Central Planning
■ eBay
■ Economic Principles
■ Free Market
■ Invisible Hand
■ Prices
■ Scottish Enlightenment
■ Supply & Demand
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11 авг 2016
