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The objectives of economic actors

This overview explores the objectives of key economic actors, including consumers, workers, firms, and government. Consumers aim to maximize their economic welfare while dealing with scarcity and limited resources. Workers focus on maximizing their own welfare through job earnings, often staying in their current employment despite potential for higher pay. Firms, notably in the UK and USA, prioritize profit maximization, while in Japan and Europe, community and worker interests hold more weight. Governments are tasked with executing laws and maximizing welfare for all, which is inherently challenging.

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The objectives of economic actors

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Presentation Transcript

  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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