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Answer the following questions: a. What is the difference between self-interest and selfishness? b. Why does inaction have consequences? c. Why are observation and prediction more difficult in economics than in chemistry? d. Why do economists look at group behavior rather than individual behavior?

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Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329

Solutions

Chapter
Section
BuyFindarrow_forward

Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329
Chapter 1, Problem 10P
Textbook Problem
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Answer the following questions:

a. What is the difference between self-interest and selfishness?

b. Why does inaction have consequences?

c. Why are observation and prediction more difficult in economics than in chemistry?

d. Why do economists look at group behavior rather than individual behavior?

To determine

(a)

Distinction between selfishness and self-interest.

Explanation of Solution

Economics is a field of study that analyze the cost and benefit of actions by economic units such as households, firms, government, etc. This analysis regarding any action gives the optimal decision.

In economics, it is assumed that individuals and any other economic units are rational. Rationality is the concept according to which any economic agent is expected to make the best choices about the trade-offs they face, given the available information set...

To determine

(b)

Effects of inaction.

To determine

(c)

Difficulty in observing and predicting in economics as compared to chemistry.

To determine

(d)

Reasons that leads to an economistobserving group behavior rather than individual behavior.

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