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timer Asked: Jun 5th, 2015

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Economics deals with economic choices (decisions) individuals, firms and nations make. Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?

The economy works via the interactions of economic agents (interactions of economic choices). 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?

The economy works via the interactions of economic agents or interactions of economic choices in markets. Economists claim that pursuing self-interest leads to trade based on specialization, which in turn leads to mutual gains from trade. What is the role of self-interest in free market operations? Why engagement in self-interest may lead to better economic welfare for the society at large?

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