When People Act in Their Own Self Interest, It Is

question 24

Multiple Choice

When people act in their own self interest, it is described as the

• A)principle of supply and demand.
• B)principle of voluntary exchange.
• C)laws of each state.
• D)principle of scarcity.

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Definitions:

Essential Terms

Necessary and fundamental components of a contract which define the parties' basic obligations and are crucial for the contract's validity.

Uniform Electronic Commerce Act

Legislation designed to facilitate and govern electronic transactions by ensuring that contracts entered electronically are legally binding.

Online Contracts

Legally binding agreements created and signed in a digital format, often involving transactions or services facilitated over the internet.

Instantaneous Communication

The exchange of information that occurs immediately without noticeable delay.