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Self Interest

Published on Nov 19, 2015

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PRESENTATION OUTLINE

1.

ADAM SMITH

  • said buyer and seller only have their best interest in mind
  • Wrote a book that described how the market functions
  • Said it's the motivating force behind the free market
2.

ROLE OF SELF INTEREST

  • Motivates economic activity
3.

EVERYONE BENEFITS

  • Someone else's self interest can benefit you by producing goods that you consume
4.

EXAMPLE OF SELF INTEREST

  • Baker bakes bread for profit
  • Hungry consumer buys from baker
  • Both have self interest met and benefits
5.

SELF INTEREST BALANCE

  • Competition prevents corruption and cheating
6.

FREE MARKET ENTERPRISE

  • Works well In a free market

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