Page 9 1.2. What are five foundations of economics? Adam prefers activities and goods in the following descending order: Hanging out with friends. Having milkshakes with his mom. Playing video games. Eating fried chicken. Adam’s mom has several chores she wants him to finish. Place the incentives in order, from most effective to least effective, that will encourage Adam to finish his chores.

For Adam to be encouraged to finish his chores from the most effective to the least effective, the following reasons is stated below

By asking Adam to first clean his room, before leaving with his friends

Making a promise to Adam, once he finishes his chores

Not permitting  Adam to play video games unless he completes his chores

Making a promise to Adam that he gets a fried chicken dinner if he put clothes on clothes hooks.

Explanation:

Solution

In order to encourage Adam to finish his chores from most to least effective, is stated below:

• Asking Adam to first clean his room, before going out with his friends

• Promise Adam a milkshake with you, if he completes his chores

• Not allowing Adam to play video games unless he completes his chores.

• Promise Adam that he gets a fried chicken dinner if he put clothes on clothes hooks

These incentives will make Adam finish his work effectively.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.