Selfishness and Self-Interest Are Identical Concepts in Economics

question 75

True/False

Selfishness and self-interest are identical concepts in economics.Difficulty: 01 Easy
Learning Objective: 02-02 List the main characteristics of the market system.Test Bank: II
Topic: Characteristics of the Market System

Understand internal factors influencing perceptual selection, including learning, motivation, personality, and internal states.

Comprehend the model of basic elements in the perceptual process.

Identify external influences on person perception, including characteristics of the perceiver and the situation.

Recognize the Pollyanna principle and its effect on perceptual selection.

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Definitions:

Tax

A compulsory financial charge imposed by a government on individuals or entities to fund government spending and public expenditures.

Consumer Surplus

The offset between the potential total payment by consumers for a good or service and the actual amount remitted.

Tax Revenue

The fiscal earnings that are accumulated by governments through taxation.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing profit or gains from trade.