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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

The objectives of economic actors

Jannis, Albert, Kristina K., Tatjana, Nadine

table of content
Table of content
  • Consumers
  • Workers
  • Firms
  • Government
consumers
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
workers
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
firms
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
government
Government
  • highest position
  • execution of laws
  • maximise the welfare
  • for the best interests of all
  • very difficult
indication of source
Indication of source
  • book „Economics fifth grade AQA“ page 11-12
  • Google pictures