(Answered) The economy works via the interactions of economic agents

Management Studies

The economy works via the interactions of economic agents (interactions of economic choices). Economists claim that pursuing self-interest based on our skills leads to trade based specialization and mutual gains from trade.

Think of a recent purchasing decision in which you compared the marginal benefits associated with buying a product with the marginal costs. How do you make a rational decision by comparing marginal benefits and marginal costs?
What is the role of self-interest in free market operations (economic choice interactions)? Why engagement in self-interest may lead to better welfare for the society?

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M92569821
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Management

Give an example of a merger or acquisition where technology

Give an example of a merger or acquisition where technology contributed to its failure to produce desired outcomes. What reasons caused the failure? What actions might have helped ensure success?

Explain how amazon and walmart companies use information

Explain how Amazon and Walmart companies use Information and Communication Technologies (ICT) in their competitive strategies. Highlight the differences in their use of ICT.

Read your role and read the exercise information in the

Read your role and read the exercise information in the Readings book at page 539. Next, using the information and template found in your Readings book starting at page 517, prepare a written plan detailing how you are g ...

In light of the winners curse must winning bidders in

In light of the winner's curse, must winning bidders in auctions necessarily "lose" in the sense of paying more than the acquired firm (or product) is worth? What steps can bidders take to prosper in auctions and/or corp ...

Explain the relationship between managing diversity and

Explain the relationship between "managing diversity and inclusion" and "diversity training." Which is most effective? Why?

Can you tell me the differences in planning and organizing

Can you tell me the differences in planning and organizing in the four functions of business model created by Henry Fayol?

A homeless veteran named johnny bobbitt who spend his last

A homeless veteran named Johnny Bobbitt, who spend his last 20 dollars for a tank of gas so that Kate McClure could get. She started a campaign account set up by her and her boyfriend for Mr. Bobbitt. It went viral and h ...

1 correct the following statements if needed so that terms

1. Correct the following statements, if needed, so that terms "demand', "quantity demanded", are used correctly. Write down the correct sentence. a. As price of pizza increases, consumers demand less pizza b. An increase ...

Mrs beach wants to invest a lump sum of money today to have

Mrs. Beach wants to invest a lump sum of money today to have $100,000 when she retires at 65 (she is 40 today). a. How much of a deposit would she have to make if the interest rate on the C.D. was 5%? b. What would Mrs. ...

How are discounts recorded in a perpetual inventory system

How are discounts recorded in a perpetual inventory system versus a periodic inventory system?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Management Expert