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The objectives of economic actors

The objectives of economic actors. Jannis, Albert, Kristina K., Tatjana, Nadine. Table of content. Consumers Workers Firms Government. Consumers. maximise the own economic welfare faced with the problem of scarcity can‘t buy all wants (wants are infinite and goods are finite)

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The objectives of economic actors

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  1. The objectives of economic actors Jannis, Albert, Kristina K., Tatjana, Nadine

  2. Table of content • Consumers • Workers • Firms • Government

  3. Consumers • maximise the own economic welfare • faced with the problem of scarcity • can‘t buy all wants (wants are infinite and goods are finite) • have to spend their money wisely • some consumers are selfish, because they spend the money on their own only

  4. Workers • maximise their own welfare at work • most important factor in determining welfare is the payment • maximise own earnings in the job • could earn more but choose to stay in their present employment

  5. Firms • UK and USA the assumption is to make profit as much as possible • Japan and continental Europe is tradition more important • workers, consumers and local community should have to say something in business

  6. Government • highest position • execution of laws • maximise the welfare • for the best interests of all • very difficult

  7. Indication of source • book „Economics fifth grade AQA“ page 11-12 • Google pictures

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