question 100-150 response
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A fundamental assumption for economic analysis is that economic agents, be it an individual, a household or a firm/business, tend to make choices and select alternatives rationally. The rational economic choice (decision) implies that people are driven by the rational pursuit of self-interest, and engaged in economic decisions to maximize this self-interest.
By rational economic choice, economists mean that people try to make the best choice they can, given the available resources at their disposals (money, time, etc.) and information.
Self-interest is when individuals make economic decisions that are in their own best interest. On the other hand, social interest is when choices are made that benefit society as a whole. Economists argue that social interest can be attained by individual decision makers acting in their own self-interest. This process is what Adam Smith called the invisible hand, which has been the foundation of the market economy.
Create an example to demonstrate how an individual or firm acting out of self-interest to maximize profits by offering goods or services in economic markets benefit consumers â€“ even if they do not care about them. In other words, how does self-interest help achieve societyâ€™s economic goals?
What is the relationship between self-interest and social interest in the economic decision (economic choice) process? Is there a conflict between the two in the economic world
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