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econ - get the best quality for the lowest price or...

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Elliot Mitchell Ch 2 did very well to explain the concepts and use of incentives. The example of the black rhino makes it very easy to understand both of these concepts. It also made the differences between communal property and private property and how private property can be very helpful and the economy. A person with private property will generally take better care of their property because it will profit them in the long run. Communal properties offer no incentive for the community to preserve their property. Another topic presented in Wheelans book is the idea of self-interest. He says that people do whatever is in their best interest, this is true. When consumers buy goods they are trying to
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Unformatted text preview: get the best quality for the lowest price or opportunity cost which in turn only benefits them. Although if you consider that this is how the general population thinks it makes it much easier to predict economic trends. When people base their ideas on only self-interest sometimes it can hurt them in the long run. If a law was passed saying every child had to be in a high chair every where the infant or toddler ate then the parents would have to buy a high chair to bring everywhere. This is not their decision but a side effect of a law....
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