The market system not only accepts self-interest

Question

Explain the statements: The market system not only accepts self-interest as a fact of human existence.

Answer 1

The market system not only accepts self-interest as a fact of human existence; it relies on self-interest to achieve society’s material goals. The motive of self interest gives direction and consistency to the economy. Self interest is the primary driving force of market system.  Entrepreneurs try to maximize their profits; property owners want the highest price for their resources; workers choose the job with the fringe benefits, best wages as well as working conditions. Consumers apportion their expenditures to maximize their utility, while seeking the lowest possible prices.