Question

Economists assume that an individual acts as if motivated by

Answer 1

The correct answer would be option C, Self Interest. Economist assume that an individual acts as if motivated by Self Interest.

Explanation:

The concept of motivation by self interest is given by Mr Adam Smith. He was the great economist and the philosopher. He belonged to Scotland and is considered as the pioneer of the Political economy. He is also remembered or known as the Father of Economics.

According to Adam and some more economists, an individual acts if he is motivated by self interest. It means that if someone has some personal interest in anything, he is more likely to be motivated for achieving that. According to economists, this motivation is necessary as it builds competition and acts as an important economic Force. The regulator of economic activity is Competition, and the competition is best achieved when a person is fully motivated, and a person is fully motivated when he has some personal interest in that task.

When people have their own interests and want to make money, they try to make the society or economy better as a whole.

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