Purpose of gov: to protect rights, promote rule of law, prepare for common defense, support economic system, provide public services
Important because: maintain law and order
A free enterprise economy include the consumer spending. Consumers provide a significant portion of a nation’s economic growth. Therefore, consumers are an important part of a free enterprise economy.
The FAFSA4caster can help students determine <span>which colleges they should apply to based on their aid eligibility. Since students and parents are able to see the costs associated with going to college using the FASFA4caster will allow them to see the financial aid money they are eligible to receive. After that, they can determine which colleges they can afford to go to based on the money they will have to use towards college. </span>
People learn from there mistakes! So every mistake they made back then, they changed based on that mistake, they then passed that knowledge on to their kids, who then made their mistakes etc...
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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