In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities is known as

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The concept described in the question is known as rational behavior, which asserts that individuals act in their own self-interest and make decisions based on weighing costs and benefits. This is a fundamental assumption in many economic models and theories. Altruism, on the other hand, suggests that individuals can act selflessly and make decisions based on the good of others, which is not consistent with the concept in the question. Normative bias refers to the tendency to make value judgments about what ought to be instead of describing what is, and empiricism is the practice of using observation and experimentation to gather evidence and test hypotheses, which is not relevant to the concept in the question.

In Economics, the Concept That Individuals Are Motivated by Self-Interest