Enhance your understanding of the three key economic terms. The example answers are provided. You need to use different examples!

1. "People respond to the same incentive differently." Use one example in your daily life to prove this statement (25-50 wordss). Sample answer I use 20-minute screen time as a positive incentive to motivate my kids to exercise. My oldest daughter chooses to exercise and my youngest daughter chooses to play with her doll. The same incentive works for my oldest, but not for my youngest. 

2. [1.5 points] Use one real world example to show me that we can create scarcity. (25-50 words). Sample answer Time-Limited scarcity: in time-limited offers, we need to decide before a set deadline - this adds a sense of urgency to the decision-making process. 

3. [2 points] Use one example to explain positive incentives. Use a different example to explain negative incentives (25-50 wordss/examplee). Sample answer An example of positive incentives: Daycare teachers use candy or stickers to encourage young children to behave well. An example of negative incentives: Police officers use speeding tickets as incentives to discourage people from driving too fast.

 

Answer rating: 100% (QA)

Here are some different examples to enhance understanding of the three key econo... View the full answer