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Author Question: Explain the economic idea that people respond to incentives. What will be an ideal ... (Read 48 times)

tiara099

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on: Jun 29, 2018
Explain the economic idea that people respond to incentives.
 
  What will be an ideal response?

Question 2

Why might a nation that has an absolute advantage in the production of a good or a service still not be able to find a trading partner?
 
  What will be an ideal response?


cpetit11

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Human beings act from a variety of motives, including religious belief, envy, and compassion. People respond to incentives means that people will act in the way that they feel is in their best interest.

Answer to Question 2

The reason is that even though this nation has an absolute advantage in the production of this good it may not have a comparative advantage in its production.


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