Economic Goals Homework Help
Self Interest and Society’s Economic Goals
Self interest of individuals plays an important role in achieving society’s economic goals. An individual has
different interests and try to fulfill them in his life. In order to fulfill these self interests, he earns money and spends this on different activities to obtain desired outcomes. For instance, entrepreneurs always try to maximize their profits and revenues on available resources. They produce quality of products at low price to attract more customers. This helps to provide benefits to the customers and people to get better products and jobs respectively that lead to achieve society’s economic goals. Producers want to make more money by introducing new and innovative products in market that helps the society to be better than previous one. Therefore, self interest is based on strong economy because of making money that helps to achieve societal goals like employment generation, manufacturing of better products, etc. in order to make life of people easier.
There are such a wide variety of desired goods and services in a market because there are several people, who desire these goods and services to fulfill their needs and preferences and get satisfied. Companies want to earn money by increasing their customer base through development of innovative and better products. In today’s perspective, customers are so aware and they demand the products and services as per their needs and preferences. In addition, there is cut throat competition in market among companies that enforces them to expand their business and produce such types of products and services in order to achieve society’s economic goals. They always try to develop new and better products to compete with existing ones for building brand position and making profits in the market. Apart from this, availability of advanced technology is also a big reason that helps to produce and make available several desired goods and services in a market. Specialization in some skills and knowledge of human resource is another cause that helps to bring new ideas and perceptions to make better the products and services according to needs and wants of the customers.
Entrepreneurs and businesses are at the helm of the economy but commanded by consumers. Economy allows the businesses to use available resources effectively to produce products and services. Business decisions of entrepreneurs are based on economic conditions of a country. Apart from this, businesses produce those products on the basis of needs and desires of customers in order to make satisfy them. Through economic conditions, they are able to make choice about allocation of capital and other resources but they are not free to produce, what they desire. Economy controls the availability of these resources for production in any business that affects its productivity. Consumers decide that what entrepreneurs should include in their products and services because customer satisfaction is must for any business in order to get success in market. Therefore, in these ways, businesses are controlled by economy but commended by consumers.
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