AB 204 Week 1 Discussion 2 | Assignment Help | Purdue Global

AB 204 Week 1 Discussion 2 | Assignment Help | Purdue Global

Unit 1 Discussion Topic 2

 

 

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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.

a.    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?

b.    What is the role of self-interest in free market operations (economic choice interactions)? Why may engagement in self-interest lead to better welfare for the society?

 

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