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A bed of oysters is not an example of a factor of production but the shucked oysters used to make ...

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A bed of oysters is not an example of a factor of production but the shucked oysters used to make ...

Question 1.

Each person goes about her daily business seeking to maximize her own self interests. In doing so, she contributes to the welfare of society at large. This is the idea underlying Adam Smith's "invisible hand."

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Question 2.

A bed of oysters is not an example of a factor of production but the shucked oysters used to make oyster stew are a factor of production.

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Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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