Explain Self-interest of the Market System
Explain Self-interest of the Market System?
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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.
An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.
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