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Author Question: In economics, the concept that individuals are motivated by self-interest and respond predictably to ... (Read 178 times)

big1devin

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on: Jun 29, 2018
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities for gain is known as
 
  A) rational self-interest.
  B) altruism.
  C) sufficiency.
  D) empiricism.

Question 2

Economics deals with human needs. Do you agree or disagree? Why?
 
  What will be an ideal response?


scottmt

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

Disagree. The concept of needs is difficult to define objectively for each person, so that economists consider people's unlimited wants instead of their needs.


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