--%>
Assignment Help - homework help

Explain Self-interest of the Market System

Explain Self-interest of the Market System?

E

Expert

Verified

a. Self interest is one of the driving forces in a market system. Entrepreneurs try to make the most of profits or minimize losses; resource suppliers try to maximize income; consumers maximize satisfaction.

b. As each tries to income, satisfaction, maximize profits the economy will benefit if competition is present.

   Related Questions in Business Economics

  • Q : Explain the volume and pattern of U.S.

    Explain the volume and pattern of U.S. and World Trade?

    		•
  • Q : Summary of what can cause a decrease in

    Illustrate a summary of what can cause a decrease in demand?

    		•
  • Q : Define the term invisible hand in

    The “invisible hand” of the marketplace is a word referring to consider as: (w) government policies to set market prices at equilibrium levels. (x) speculative manipulations which create disequilibrium. (y) automatic adjus

    		•
  • Q : Variation of wages in inverse proportion

    This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.

  • Q : Determine the lowest average wages

    Consider a huge group of identically smart and strong industrious workers. All else identical, Adam Smith would predict such that the lowest average wages would be earned through the workers who were in the work that: (1) had the leas

    		•
  • Q : Describe the types of multiplant firms

    Describe the types of multiplant firms?

    		•
  • Q : Perfect competition leads the economic

    The perfectly competitive market structure benefits consumers since: w) firms do not generate goods at the lowest possible price within the long run. x) firms are forced through competitive pressure to be as efficient as possible. y) firms add a much

    		•
  • Q : Production possibility frontier

    Question: Scenario: You have been hired as the economics adviser for the newly elected State Premier. On your first day, the Premier introduces you to the new Minister for Health

    		•
  • Q : Self-interest theory demonstration by

    The model of _____ was demonstrated by _____ along with the quote, “The loss of a small finger would remain the average European by sleeping which night, ... but, given he never observed them, he will snore with the most profound security over the loss of millio

    		•
  • Q : Entrepreneurs and business are at the

    Explain the statements: Entrepreneurs and business are at the helm of the economy.

    		•