In other words, how does self-interest help achieve society’s economic goals?

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 decisionsto 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 interestis 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 – even if they
do not care about them. In other words, how does self-interest help achieve
society’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?

Discussion Question 2 of 3

There are two major
kinds of government interventions in markets: price controls and
quantity controls. The government intervenes to regulate prices by
imposing price controls, which are legal restrictions on how high or low
a market price may go. Price ceiling is the maximum price sellers are
allowed to charge for a good or service whereas price floor is the
minimum price buyers are required to pay for a good or service.

Price and quantity
controls may have adverse impacts on productive and allocative
(marketing) efficiency. However, price and quantity controls are used
despite their well-known problems.

Based on the reading in
Chapter 3 on price ceiling and price floor, explain the impacts of the
following price control measures.

What would happen to
the supply and demand of Super Bowl tickets if the government mandated
that no more than $20 a ticket could be charged?

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