Asked by Britt Cohen on May 23, 2024
Verified
Selfishness and self-interest are identical concepts in economics.
Selfishness
The act of putting one's own needs and desires above the needs of others.
Self-Interest
The motivation of individuals to pursue their own welfare, benefits, or advantages, often used as a basic assumption in economics about human behavior.
- Understand the difference between selfishness and self-interest in economic terms.
Verified Answer
SD
Scott DrakeMay 28, 2024
Final Answer :
False
Explanation :
Selfishness is often seen as prioritizing one's own needs and desires at the expense of others, while self-interest in economics can simply mean acting in a way that is beneficial to oneself, which can also include mutually beneficial transactions and cooperation.
Learning Objectives
- Understand the difference between selfishness and self-interest in economic terms.
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