Self interest helps achieve society's economic goals because

1 answer:

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Self interest helps achieve society's economic goals because it encourages each economic agent to look for maximum benefits at the minimum cost possible

In economics, self-interest is the idea that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest.

Self-interest refers to actions that elicit personal benefit. Adam Smith, the father of modern economics, explains that individuals usually benefit most from acting in their own interests. According to his theory, the Invisible Hand creates goods and services that benefit both producers and consumers when dozens or even thousands act in their own self-interest.

Economies in which goods and services can be freely exchanged are characterized by self-interest and competition. As a result of these forces, good and services supply and demand as well as their value are influenced.

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