The five (5) economic principles are as follows:
incentives: - This is divided into two, positive and negative, incentives aid in decision making by pressuring a person to do something. A negative incentive is not committing a crime because you are afraid of going to jail.
Tradeoffs
This means that everything we accomplish requires us to give up something. To put it another way, there is no such thing as a free lunch.
Opportunity Cost
This is what you would have gotten if you had chosen the next best option to a selection. The objective is to choose a selection with a lower Opportunity Cost than the one chosen.
Marginal Thinking
This rationalizes people's decision-making mechanisms. It proposes that before choosing a course of action, individuals examine it individually to see if the costs outweigh the benefits.
Trade Creates Value
The purchasing and selling of products and services is referred to as trade. Trade produces value because individuals may both acquire what they need to operate better, which is a fundamental premise at the basis of Economics.
Putting events in chronological sequence.
Learn more about incentives:
https://brainly.com/question/964887
#SPJ1
Full Question:
Page(s) 9-10 1.2. What are five foundations of economics?
Place the events in order to describe the unintended consequences of a government-created incentive.
Start by clicking the first item in the sequence or dragging it here Drag the items below into the box above in the correct order, starting with the first item in the sequence.
People begin breeding cobras to turn in, which is easier than hunting them. Some bred cobras escape.
A certain area has a problem with cobras, which are poisonous.
The government announces a reward for every captured cobra turned in. The area has more free cobras than before.
