1 ) What is the difference between self-interest and selfishness? Why is this distinction important when considering the competitive marketplace economy because appropriate for a society? a. Self-interest can be when an individual is trying to shield their curiosity, but they also think about how it may affect others. Whereas selfishness is wherever one makes decisions depending on one’s self with no ok bye to others.

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It’s important to comprehend these two connotations when considering the competitive marketplace and what may be suitable for a culture because if one is acting out based upon self-interest, certainly, they may be looking out for themselves, but are also taking care of their customers. These are generally the type of persons you can trust and want to commit your time and money into. People performing out of selfishness, discover a method to acquire what they want and bail when they can’t make a profit anymore, going out of their customer in the dust. Likewise meaning, they’re going to end up being unreliable whenever times receive tough and possess no probe or responsibilities to the people who have invest into them.

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2 . Does your book present only positive economics and avoid any normative economics? If not, give some examples of normative issues protected in your textbook. a. After reading Stapleford’s Bulls, Contains and Fantastic Calves, it really is safe to express that any kind of textbook for that matter doesn’t maintiens “only” great economics and does in action hold normative economics. As economist Roger Miller left a comment: “…the extremely choice of which in turn topics within an introductory textbook involves normative economics.

There is not a value-free, or perhaps objective, way to decide which in turn topics to use in a textbook” (Stapleford, pg 43. ) I decided to measure this a little further and came to realize that in our Economics: Private and Public Choice by Gwartney and experts, it declares in the Preface “This text addresses every one of them and provides both economic evaluation and scientific evidence that will enhance knowledge of these crucial issues…This believed was continuously on the minds even as revised this edition” (Gwartney, pg xix. ) When I read that, personally that left the impression these authors chosen and select what they thought was in the best interest of their students and even though they are stating the facts, fortunately they are took into mind when studying how it could help the audience relate to the information. 3. What did Hersker Smith consider serves to curb self-interest in an economic system? a. The one key thing that Jones believed managed self-interest throughout the economy is competition.

In one way or another, everyone has a desire for approval and it is because of this postivie judgement all of us seek as well puts limits on the personal objectives. It is through competition amidst each other that promotes a controlled economic system because it is not being run off of somebody else’s personal agenda. In the event that something definitely seems to be hurtful or negative in the economy, then probably it won’t succeed and folks will begin it’s compeititor.

Whereas in the event something is very valued and is also seen as confident, chances are the organization will prosper and they will be a customer for a lifetime. 4. What does it indicate to seek the dominion of God in a democratic capitalist economic system? How can this be done? a. Democratic capitalism is nor the Kingdom of God nor without trouble.

But when we Christians look for the Kingdom of God, all of us seek “righteousness, peace and joy in the Holy Spirit” (Romans 18: 17. ) So whenever we seek the dominion of The almighty in a democratic capitalist overall economy, we’re wanting to be “set free” through the temptations this earth has to offer, and focusing on the timeless life that awaits in God’s Kingdom. In order to do this kind of though, needs us to be “enlightened” exactly where we redouble our internal and external lives to his kingdom. “Jesus doesn’t ask us to set apart our self-interest; he merely wants to retain us by making an undesirable investment” (Stapleford, pg 46. )

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