The study of economics is very significant because it enables individuals to expand knowledge on the production, packaging, distribution, and consumption of goods and services in the country. Basically, economics is a social science that allows the learner to study how nations divide and use their resources to produce products and services for the benefit of the public. According to the video, the study of economic enables the members of the society to predict and develop solutions to the full range of problems affecting their productivity. Economics can be defined as the study of human action on to how an individual makes decisions under scarcity.

In this video, I have learned that incentive is one of the fundamental principles of the economic. It can be either a reward or a punishment. Also, the primary objective of incentives is to make people do something. I have further learned that economic knowledge allows an individual to pick the best career, raise his children and plan for future events.

In the video, I found it interesting the economics is the key determinant of the survival rate of people across the globe. Scarcity refers to a state when resources are not enough as compared to the demand. In this case, people struggle to get limited resources to satisfy their needs.

For example, climate change, I experienced food shortage due to little rain. This has caused the cost of food substances to rise to make it hard for me to afford three meals a day. However, I developed alternative by planting food plants that require little rain.

I disagree with this video that incentive policies are the best in addressing a wide range of challenges in society. This is because it is inappropriate to impose tariffs to discourage or control the importation of goods and services. This is because it may end up developing poor relationships between nations.

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