Economics deals with economic choices (decisions)individuals, firms and nations make. Why do economic agents need to makechoices in the decision making process? What are the factors that force us tomake choices among the viable alternatives at our disposal during a givenperiod of time?The economy works via the interactions of economicagents (interactions of economic choices). Think of a recent purchasingdecision in which you compared the marginal benefits associated with buying aproduct with the marginal costs. How do you make a rational decision bycomparing marginal benefits and marginal costs? The economy works via the interactions of economicagents or interactions of economic choices in markets. Economists claim thatpursuing self-interest leads to trade based on specialization, which in turnleads to mutual gains from trade. What is the role of self-interest in freemarket operations? Why engagement in self-interest may lead to better economicwelfare for the society at large?
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