Characteristics of the Market System
As I read through the different characteristics, self-interest caught
eye. The book describes it as the motivating force of the various
units as they express their free choices. Self-interest simply means
economic unit tries to achieve its own particular goal, which usually
requires delivering something of value to others. It also listed
relatable examples to further clarify its definition. For example,
entrepreneurs try to maximize profit or minimize loss. Workers try to
maximize their utility (satisfaction) by finding jobs which offer the
combination of wages, hours, fringe benefits, and working conditions.
Consumers try to obtain the products they want at the lowest possible
and apportion their expenditures to maximize their utility. Is self
interest the same thing as selfishness?
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