(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.:- M92571775
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

A contractors records during the least five weeks indicate

A contractor's records during the least five weeks indicate the number of job requests: Week 1 2 3 4 5 Request 22 26 15 23 21 Predict the number of requests for week 4, week 5, week 6 using each of the following method: ...

Which of the following is included in the conflict

Which of the following is included in the conflict management process? 1. Schedule a meeting with those affected 2. Brainstorm possible solutions that best serve your purposes. 3. Avoid the conflict entirely.

Imagine that you are a director of performance management

Imagine that you are a director of performance management. With this role in mind, briefly compare and contrast the traditional annual evaluation method of performance appraisals with the new real-time feedback coaching ...

Do you think the mountain view situation is representative

Do you think the Mountain view situation is representative of GM's supply chain, and other automotive supply chains in general? Is it also representative of supply chains in other industries as well? What are the implica ...

What factors should have altered kesmer to the problems

What factors should have altered kesmer to the problems that eventually came up at fancy footwear.

What is the american association of airport executives what

What is the American Association of Airport Executives? What are the requirements for membership for those currently employed in airport management? You may wish to view the following web site: www.AAAE.org/ by clicking ...

Peak load pricing for a seller with a capacity constraint

Peak load pricing for a seller with a capacity constraint and constant marginal cost up to capacity typically requires: -Ensuring that marginal revenue is equal for the peak and non-peak periods. -Setting the price in th ...

Discuss the security measures that are currently in place

Discuss the security measures that are currently in place and how these security measures effect transportation and logistics management.

Mr barney the ceo has received your memo request to be

Mr. Barney, the CEO, has received your memo request to be considered for further leadership positions. He has decided to put you to the test! He assigns you to help his Director of Payroll, Loretta Cash with a problem. ...

In the basic break-even equation the term contribution is

In the basic break-even equation, the term contribution is used. What does the term contribution mean here? What does this number tell the manager?

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