Microsoft - PowerPoint Topic 1 Introduction To Economics

Economics and Market Innovations
Lecturer: Wong, Hean Hoo
© Business eLearning
Topic 1: Introduction to Economics -
Basic Principles of Economics
EMI Objectives
• Understand and describe the key features and challenges in relation to allocation.
• Demonstrate and understanding of firm behaviour within a single sided platform setting.
• Explain the important of networks in economics.
• Describe the implication of increased interconnectedness on the allocation process.
• Explain the importance and the fundamental elements associated with multisided platforms.
Topic 1: Introduction to Economics -
Basic Principles of Economics
After studying this chapter you will be able to:
• Define economics and distinguish between microeconomics and macroeconomics
• Explain the two big questions of economics
• Explain the key ideas that define the economic way of thinking
• Understanding the interaction of economics and market innovation
Outline of Lesson
• Overview of Economics
• Definition of Economics and Market innovation
• Two Big Economic Questions
• The Economic way of thinking
• Interaction of Economics and Market Innovation
• Graphs in Economics
Overview of Economics
– the degree that make you rich ……..
There are many reasons to study

economics – from the huge range of
skills you will gain, to the exciting types
of employment you will be prepared for
them.
Study in 2017
– Careers in Economics
A student of economics will have a good understanding of how markets functions.
Government Industry Finance

Entry-level
Jobs
(degree)
Large Corporation or Investment bank +
Labour Union Management consulting
Commercial bank
Prepare forecasts and

examine developments
in national or local Strong analytical skills in Strong analytical skills in
markets may affect mathematics and mathematics and
future costs and profits statistics statistics
(analyses of revenues
and expenditures)
– Careers in Economics
A student of economics will have a good understanding of how markets functions.
Top level in
Academic
business or
employment
government Professional
High-level Jobs degree in
(at least a Business or
master degree) Law
However, majoring in Economics is by no means a prerequisite

for admission to either business school or law school.
Outline of Lesson
Definition of Economics and Market Innovation
What is Economics? Many people hear the word “economics” and think it is all
about money. However, Economics is not just about money.
What Economist Say?
Economics is the study of how societies use scarce resources to produce

valuable commodities and distribute them among different people.
- Professor Paul A Samuelson
Behind this definition are two key ideas in economies: that goods are scarce and
that society must use its resources efficiently. Indeed, economics is an important
subject because of the fact of scarcity and the desire for efficiency.
Economics is a study of a fundamental fact that dominates our live: We want

more than we can get.
The basic questions in economy arise from the problem of resource scarcity,
mainly:
- How individuals and societies use limited resources to satisfy unlimited

wants?
- How such choices are made?
Economic decisions are made by the three agents of economy, namely

households (or consumers), firms (or producers), and government that uses
the goods and services.
Economic questions focus on the actions that should be taken by the three
economic agents in making decisions to fulfill unlimited wants and utilize
limited resources.
10
- How To Study Economics?
All economic questions arise because we want more than we can get.
Our inability to satisfy all our wants is called scarcity.
Because we face scarcity, we must make choices.
The choices we make depend on the incentives we face.
An incentive is a reward that encourages an action or a penalty that

discourages an action.
11
Economics can best be described as the study of
a. how to make money

b. how to operate a business
c. how to create jobs and control inflation
d. how choices determine the use of scarce resources
Economics is a science that deals with which of the following functions?
a. output, spending and prices

b. output, employment and income
c. production, sales and credit
d. production, distribution and consumption
12
Economics is the social science that studies the choices

that individuals, businesses, governments, and entire
societies make as they cope with scarcity and the
incentives that influence and reconcile those choices.
What is the difference between the scarcity and poverty?
13
What is the difference between the scarcity and poverty?
Economics deals with the problem of scarcity.
Resources are limited, whereas human wants or

desires are almost unlimited.
This scarcity of resources forces us human beings

to choose among alternatives.
Poverty means income is below a certain level. The estimated minimum level of
income needed to secure the necessities of life.
14
- How To Study Market Innovation?
Market Innovation - the improvement of the mix of target markets and of

the way in which these are served.
It refers to new markets and to new distribution process in foreign and

local markets.
If you are confronted with growth limits in your industry or face ruinous
competition, you should look for alternatives to your previous field of
activity.
Your products, services or technologies could also be useful in industries

where you have not been active before.
15
Innovation usually associates with a new product.
However, there are many other forms of innovation.
Market innovation is one of them.
You try to transfer the technologies you already use to new fields of
application.
16
17
Which of the following shows the process of creating something new?
a. Business model
b. Modeling
c. Creative flexibility
d. Innovation
Which one of the following is the process of entrepreneurs developing new

products that over time make current products obsolete?
a. New business model

b. Anatomization
c. Creative destruction
d. Innovation
18
However, the term market innovation has no geographical dimension.
It does not mean resolutely opening up new regional markets.
Rather, with a market innovation you are trying to use your existing know-
how to penetrate industries in which you have not been active before.
The measures for this are very different from those you use to expand
into new regions.
19
Scarcity breeds innovation
Malcolm Gladwell puts forth this idea in his popular book, David &
Goliath: Underdogs, Misfits And The Art Of Battling Giants. He argues
that a person with limited resources would be forced to be more
creative than someone who had a lot of resources.
20
- Microeconomics and Macroeconomics
Microeconomics – studies individual economic units, such as a

household, a firm and a government, in detail.
As the word ‘micro’ means looking closer into small units,

microeconomics provides an outline for choices and decision
making of an individual, a business and the public at large.
21
Microeconomics concepts can be applied to our daily lives.

Individual questions: What do I want for lunch? Shall I buy an
iPhone or a Samsung Galaxy? Where should I go for holidays?
Firms questions: Shall we produce cars or LCD TVs? How many
labourers should we employ? Should we use more machines or hire
more labour?
Government questions: Shall we allocate budgets for schools or
hospitals?
22
Macroeconomics – studies the aggregate behaviour of the

entire economy. We study the gross domestic product, the national
income, inflation, deflation, unemployment, public finance, the trade
cycle, international trade and others.
Macroeconomics examples are: What is the unemployment rate

in Singapore? What are the main exports of Singapore? What
causes high inflation? Why did Central Bank cut interest rate by
2%?
23
Macroeconomics and Microeconomics –
Class activity
1) Which of the following questions is an example of a
microeconomic or macroeconomic question?
i) What is the effect of Internet access on v) How much more money taxi driver earn than
your living expenses? bus driver in Singapore?
ii) How does an increase in the petrol vi) Why do prices always go up in an
price affects the market for minivans? economy?
iii) What is the effect of a decrease in the vii) What causes changes in unemployment
availability of chocolate chips on the over the long run?
market for chocolate chip cookies?
viii) Is your orange juice from New Zealand?
iv) Is there a vaccine for Ebola virus?
24
Outline of Lesson
25
Two Big Economic Questions
Question 1: How do choices end up determining what, how,

and for whom goods and services get produced?
26

Question 2: When do choices made in the pursuit of self-

interest also promote the social interest?
27

Goods and services are the objects that people value and produce to
satisfy human wants.

28

Goods are physical objects such as cell phones and automobiles.

29

Goods are physical objects such as cell phones and automobiles.
Services are tasks performed for people such as cell-phone services

and auto-repair services.

30
Question 1: How do choices end up determining what, how, and
for whom goods and services get produced?
What to produce?
31
What to produce?
How to produce ?
32
What to produce?
How to produce ?
For Whom to produce

(Since there are limited resources, a nation or society has to
decide how to allocate its limited resources efficiently to produce
the goods and services to satisfy the needs of the people.)
33
What to produce?
What we produce varies across countries and changes over time.
34
What to produce?
How to produce ?
Goods and services are produced by using productive resources that
economists call factors of production.
35
What to produce?
How to produce ?
Land: all natural resources (air, water, forests and others) that we use to produce goods and
services.
36
What to produce?
How to produce ?
services.
Labour: work time and work effort that people devote to producing goods and services.
(Quality of labour - depend on Human Capital)
37
What to produce?
How to produce ?
services.
Capital: man-made items including cash capital or fixed capital such as equipment and
machinery, and work capital such as raw materials that are used as inputs in the production
process. Financial Capital is not capital.
38
In everyday language, we talk about money, stocks and bonds as being
“capital”. These items are financial capital. Financial capital plays an
important role in enabling businesses to borrow the funds that they use to
buy physical capital. But financial capital is not used to produce goods and
services and it is not a factor of production.
39
What to produce?
How to produce ?
services.
Capital: man-made items including cash capital or fixed capital such as equipment and
machinery, and work capital such as raw materials that are used as inputs in the production
process. Financial Capital is not capital.
Entrepreneurship: The human resource that organizes land, labour, and capital.
40
For Whom to produce?

‘Who’ consumes the goods and services that are produced depends on
the incomes that people earn.
41

People earn their incomes by selling the services of the factors of production
they own:
42

they own:
- Land
43

they own:
- Land earns rents
44

they own:
- Land earns rents - Labor
45

they own:
- Land earns rents - Labor earns wages
46

they own:
- Capital
47

they own:
- Capital earns interest
48

they own:
- Capital earns interest - Entrepreneurship
49

they own:
- Capital earns interest - Entrepreneurship earns profit
50

they own:
- Capital earns interest - Entrepreneurship earns profit
** Which factor of production earns the most income? _________________
51
Question 2: When is the pursuit of self-Interest in the social

Interest?
We make choices that are in our self-interest or choices that we think are best
for us.
Is it possible that all the choices that each one of us makes in the pursuit of
self-interest could end up achieving an outcome that is best for everyone?
Choices that are best for society as a whole are said to be in the social
interest.
52
Two Big Economic Questions - Class activity
2) Match the key terms and economic concepts with their explanations.
Key terms Explanation A. Natural resources F. The using up of goods and services to
Production satisfy human needs and wants
B. Goods and services:
Consumption the outputs of production G. Individuals and organizations who are
Land processes willing and able to buy goods and services
to satisfy their needs and wants
Labour
Capital C. The benefit gone H. Human effort used up in production
without by giving up the
Enterprise next best alternative use I. Organizations in which entrepreneurs
Firms of some scarce resources combine resources to produce goods
and services
Opportunity D. Business know-how
Cost and the ability to organize J. Man-made resources, such as
Products productive activities machinery, that are used to make other
goods and services
Consumers
E. Using resources to make and deliver goods and services to satisfy the
needs and wants of consumers
53
Two Big Economic Questions - Class activity
3) Determine the factor of production:
i) The water used to cool a machine.

ii) The wages paid to workers.
iii) The effort of farmers raising cattle.
iv) The management skill of a small business owner.
v) A share of stock issued by a firm.
vi) A new computer used by a small business owner.
vii) A tractor used by a wheat farmer.
viii) The time worked by elementary school teachers.
4) Explain how the following news headlines concern self-interest and

social-interest.
i) Breadtalk expands in Indonesia

ii) Toyota develops high speed motor-vehicle
iii) Food must be labeled with Nutrition Data
54
Outline of Lesson
55
The Economic Way of Thinking
The economic way of thinking places scarcity and its

implication, choice, at center stage.
Six key ideas define the economic way of thinking:
1) A choice is a tradeoff.
2) People make rational choices by comparing benefits and costs.
3) Benefits is what you gain from something.
4) Cost is what you must give up to get something.
5) Most choices are “ how-much” choices made at the margin.
6) Choices respond to incentives.
56

57

Conceptual Framework
58

59

Method of Measurement
60

Conceptual Framework Method of Measurement
61
1) A Choice is a Tradeoff – because we face scarcity, we must make choices.
When we make a choice, we select from the available alternatives. Whatever choice you
make, you could have chosen something else.
- You can think about every choice as tradeoff or an exchange - giving up one thing
to get something else.
( when you choose how to spend your Saturday night, you face a tradeoff between studying
and hanging out with your friends.)
62
2) Making a rational choice – the answers turn on benefits and costs.
- A rational choice is one that compares costs and benefits and achieves the
greatest benefit over cost for the person making the choice .
- Only the wants of the person making a choice are relevant to determine its
rationality.
- The idea of rational choice provides an answer to the first question: What goods
and services will be produced and in what quantities?
- The answer is: Those that people rationally choose to buy!
63
3) Benefit: What you Gain
- The benefit of something is the gain or pleasure that it brings and is determined
by preferences.
- Preferences are what a person likes and dislikes and the intensity of those
feelings.
Economists measures benefits as the most that a person is willing to give up to get
something.
64
4) Costs: What you Must give up
- The opportunity cost of something is the highest-valued alternative that must be

given up to get it.
What is your opportunity cost of going back to school? Opportunity cost has two
components:
1. The things you can’t afford to buy if you go back to school.

2. The things you can’t do with your time if you go back to school.
65
5) How Much? Choosing at the margin
The benefit that arises from an increase in an activity is called marginal benefits.
The opportunity cost of an increase in an activity is called marginal costs.
To make your decision:

Marginal benefit > Marginal cost, you study the extra night.
Marginal benefit < Marginal cost, you don’t study the extra night.
6) Choices Respond to Incentives

Incentive is a reward or a penalty – a “carrot” or a “stick” – that encourages or discourages
an action.
When we make choices, we respond to incentives. A change in Marginal Benefit or a
change in Marginal Cost changes the incentives we face and leads us to change our
choice.
66
The Economic Way of Thinking - Class activity
6) In the following events, determine the opportunity cost.
i) On the Saturday morning, you rank your choices for activities in the
following order: go to the library, work out at the gym, have breakfast
with friends and sleep late. Suppose you decide to go to the library,
determine the opportunity cost. (work out at the gym)
ii) You decide to take a vacation and the trips costs you $2000. While
you are on vacation, you do not report to work where you could have
earned $750. Determine the opportunity cost of the vacation. ($2750)
iii) You have made the decision to attend summer school, which you
cannot work at your usual summer job in which you normally earn
$6000. Your tuition fees is $3000, books and supplies cost $300.
Determine the opportunity cost of attending summer schools. ($9300)
67
Outline of Lesson
68
Interaction of Economics and Market Innovation
The New Economy referred to the on-going development evolved from the
notions of the classical economy as a result not only from the transition from a
manufacturing-based economy to a service-based economy, but also meant
the new horizons resulted from the constant emerging of new parameters of
new technology and innovation.
Technological change alters the face of business but does not change human
nature. Scarcity is and always will be with us, it is simply part of the human
spirit to want more than is available. This means that the laws of economics
also will always be applicable. How they apply may vary over time, but they
will apply.
69
Old Economy New Economy

Winner-takes-all
Larger demand creates larger market
First-mover advantage
Patent creates barrier of entry
Technological Change
The improvement of production alters the production function and thus the cost
functions, typically lowering the average cost curve and altering the long-run cost
curve
Characterized by economies of scale and Characterized by Network, positive

patent races feedback and standards wars
70
Network
Economies of Scale
Positive Feedback
Patent Races Standard Wars

(when two or more incompatible technologies
struggle to become a standard, they are
engaged in a standard war.)
71
Network - It can be alliance of firms of it can
refer to a “standard” to which several business
Economies of Scale - In microeconomics, comply. Where there is more than one
economies of scale are the cost network, then whether members of one
advantages that enterprises obtain due networks are interconnected.
to their scale of operation, with cost per
unit of output decreasing with increasing Positive Feedback - It refers to the idea that the
scale. benefits to an individual on joining a network
go to every member of the network, not just
the member joining.
Patent Races - R&D is referred to as a Standard Wars - It must have a distinct

patent race in that firms compete to capability that has value: efficiency in
develop a new product or process and manufacturing or operations, patents or other
then obtain a patent on it. However, means to own intellectual property rights, first-
gaining that property right is not mover advantages, brand-name reputation, or
necessarily gaining the profit. size.
72
What does it take to win

a standard war?
What do we do that
is unique and has How can we
value? sustain that
value?
Standard Wars - It must have a distinct

capability that has value: efficiency in
manufacturing or operations, patents or other
means to own intellectual property rights, first-
mover advantages, brand-name reputation, or
size.
73
Innovation is not necessary something that is high-tech, overly advanced, or

even entirely new, and is therefore different from invention. From an economic
development standpoint, innovations can be categorized as being market-
creating, sustaining, or improving efficiency.
Market-creating innovation transform complicated and expensive products into

products that are simple and affordable.
Market-creating innovations have been the foundation upon which corporations

and countries have built new growth engines that have triggered economic
prosperity. For example, by leveraging digital technology, some market-creating
innovations can scale more quickly today than ever before.
74
Market-creating innovations, in particular, provide a strong economic foundation.

They share several characteristics.
1. Offering product and services that was previously unaffordable or otherwise

unattainable. ( non consumer goods  consumer goods)
2. Leveraging business models and value chains that focus on profitability before
growth. ( borrow existing technology and insert it into different business models)
3. Generation for and by local market (think local, go global). ( the capitalisation of
labour force mobilities does not necessarily mean exploitation nor does it connotate
taking advantage of low wages in other economies to make a profit)
Continue
next slide
75
Market-creating innovations, in particular, provide a strong economic foundation.

They share several characteristics.
4. Generation of local jobs to fuel economies. ( these jobs arise specifically to serve
the local market; they cannot be outsourced to other countries)
5. Scaling up. ( Market creating innovations make a product simple and affordable,
bringing it within many people’s reach. Economies of scale rule and the law of
diminishing returns is one that is hardly met)
76
Outline of Lesson
77
Graphs in Economics
A graph reveals a relationship.
A two-variable graph uses two perpendicular

scale lines.
The vertical line is the y-axis.

The horizontal line is the x-axis.
The zero point in common to both axes is
the origin.
78
Graphs in Economics
Variables That Move in the Same Direction
A relationship between two variables

that move in the same direction is called
a positive relationship or a direct
relationship.
A line that slopes upward shows a

positive relationship.
A relationship shown by a straight line is

called a linear relationship.
79
Graphs in Economics
Variables That Move in the Opposite Direction
A relationship between two variables

that move in the opposite direction is
called a negative relationship or a
inverse relationship.
A line that slopes downward shows a

negative relationship.
80
Graphs in Economics – Obstacles and
Pitfalls
Obstacles and Pitfalls in Economics - Economists cannot easily do

experiments and most economic behaviour has many simultaneous causes.
To isolate the relationship of interest in a laboratory experiment, a scientist

holds everything constant except for the variable whose effect is being study.
Ceteris paribus means “if all other relevant things remain the same.”
Example of Ceteris Paribus: Customer satisfaction in Fast Food Industry
Customer satisfaction = product quality + physical design + price +

physical environment + taste + promotion
81
Graphs in Economics – Obstacles and
Pitfalls
Example of Ceteris Paribus: Customer satisfaction in Fast Food Industry
Customer satisfaction = product quality + physical design + price +

physical environment + taste + promotion
What is the meaning of “ceteris paribus”?
a) An expression that means “other things being equal”.

(true and false)
b) What is true of the whole is not necessarily true of the parts.
(true and false)
c) Value free and testable.
(true and false)
82
Review Questions and Answers
1. Describe the economic problem faced by all economies. How can you solve
the economy’s problem?
Answer: We want more than we can get but the limited resources not allow us to
get everything we want.
The most fundamental economic problem is scarcity.
Societies make choices to cope with scarcity and cope with the incentives that
influence and reconcile those choices.
2. Explain the difference between tradeoff and opportunity cost.

Answer: An opportunity cost is the next best decision (what you gave up). A
tradeoff is when you gain something, but you also lose something (what you
lose/gave up, is the opportunity cost).
83
Review Answers
3. Differentiate between microeconomics and macroeconomics.

Answer: Microeconomics is the study of the choices that individuals and
business make, the way these choices interact in markets, and the
influence of governments. Macroeconomics is the study of the performance
of the national economy and the global economy.
4. Describe an economic model.

Answer: An economic model is a description of some aspect of the
economic world that includes only those features of the world that are
needed for the purpose at hand. A good model can predict a better
outcome. Example: Customer buying decision in McDonald’s - an
economic model might include features such as the prices of meal, the
number customer, and the waiting time. But the model would ignore toilet
cleanliness and floor layout.
84
Review Question and Answer
Use headlines from the recent news to illustrate the potential for conflict
between self-interest and the social interest?
Globalization means the expansion of international trade, borrowing and

lending, and investment.
Globalization is in the self-interest of those consumers who buy low-cost goods
and services produced in other countries; and it is in the self-interest of the
MNC that produce in low-cost regions and sell in high-price regions.
When Nike produces sports shoes, people in Malaysia get work; and when
China Airline buys new airplanes, Americans who work at Boeing in Seattle
build them.
While globalization brings expanded production and job opportunities for some
workers, it destroys many domestic jobs.
85
a) Economic, b) factors of production, c) productivity, d) scarcity, e)
service
1) The amount of output that results from a given level of input. _______
2) A situation in which people do not have enough resources to satisfy every desire.
_______
3) Land, labour, capital, and entrepreneurship. _________
4) The study of how individual, families, businesses, and societies use limited
resources to fulfill their unlimited wants. _________
5) Activities done for a fee. _________
86
a) labour, b) goods, c) capital, d) entrepreneurship, e) economic model
1) A simplified representation of the real world. _______
2) Manufactured goods used to make other goods and services. _______
3) The work people do. _________
4) The ability of individual to start new businesses, introduce new products and
processes, and improve management techniques . _________
5) Tangible items that people buy. _________
87
Key Terms:
1) Definition of Economics
- Scarcity, from the fact that wants exceed the resources available to satisfy
them.
2) Two Big Economic Questions

- What, How and for Whom
- Self-interest and Social-interest
3) The Economic Way of Thinking

- Tradeoff and Opportunity Cost
4) Economics as Social Science and Policy Tool

- Normative and Positive statements
- Ceteris Paribus
88
Worksheet – Basic Economic Concepts
1) The fundamental economic problem facing all societies is that of _________.

2) The three basic questions every society must answer in dealing with scarcity are:
__________, ___________ and _________ to produce.
3) The resources required to produce the things we would like to have are called the
__________ , include _______, _________, _________, and _________.
4) The loss of the highest-valued alternative defines the concept of ________.
5) The expression that means ‘other things being equal’ is __________.
6) Studying the effects choices have on the individual markets within the economy is part
of ________.
7) In an economy, ________, ________, and _________ are three groups of decision
makers.
89
Worksheet – Basic Economic Concepts
List each term below into the table columns. No terms will apply to more than one
column. All columns will be filled.
Coal Natural Gas Hammer SIA owner Nurse

Pizza hut Lecturer Computer SIA pilot Receptionist
River Telephone operator Oil SIA plane Tractor
Bill Gates Liverpool Club owner Cook Telephone Forest
Land Labour Capital Entrepreneur
90
Topic 1: Introduction to Economics
Have a good day ahead!
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Economics and Market Innovations

Lecturer: Wong, Hean Hoo

• Explain the important of networks in economics.

• Describe the implication of increased interconnectedness on the allocation process.

• Explain the two big questions of economics

• Understanding the interaction of economics and market innovation

There are many reasons to study

Government Industry Finance

Prepare forecasts and

However, majoring in Economics is by no means a prerequisite

What Economist Say?

Economics is the study of how societies use scarce resources to produce

Economics is a study of a fundamental fact that dominates our live: We want

- How individuals and societies use limited resources to satisfy unlimited

Economic decisions are made by the three agents of economy, namely

Our inability to satisfy all our wants is called scarcity.

Because we face scarcity, we must make choices.

The choices we make depend on the incentives we face.

An incentive is a reward that encourages an action or a penalty that

a. how to make money

Economics is a science that deals with which of the following functions?

a. output, spending and prices

Economics is the social science that studies the choices

What is the difference between the scarcity and poverty?

What is the difference between the scarcity and poverty?

Economics deals with the problem of scarcity.

Resources are limited, whereas human wants or

This scarcity of resources forces us human beings

Market Innovation - the improvement of the mix of target markets and of

It refers to new markets and to new distribution process in foreign and

Your products, services or technologies could also be useful in industries

Innovation usually associates with a new product.

However, there are many other forms of innovation.

Market innovation is one of them.

Which one of the following is the process of entrepreneurs developing new

a. New business model

However, the term market innovation has no geographical dimension.

It does not mean resolutely opening up new regional markets.

Scarcity breeds innovation

Microeconomics – studies individual economic units, such as a

As the word ‘micro’ means looking closer into small units,

Microeconomics concepts can be applied to our daily lives.

Macroeconomics – studies the aggregate behaviour of the

Macroeconomics examples are: What is the unemployment rate

Question 1: How do choices end up determining what, how,

Question 1: How do choices end up determining what, how,

Question 2: When do choices made in the pursuit of self-

Question 1: How do choices end up determining what, how,

Question 2: When do choices made in the pursuit of self-

Question 1: How do choices end up determining what, how,

Goods are physical objects such as cell phones and automobiles.

Question 2: When do choices made in the pursuit of self-

Question 1: How do choices end up determining what, how,

Goods are physical objects such as cell phones and automobiles.

Services are tasks performed for people such as cell-phone services

Question 2: When do choices made in the pursuit of self-

For Whom to produce

For Whom to produce?