Question

Covid-19 has caused a panic buying in Australia   not more than 750 word

Some economics principles to consider:

• Incentives matter: because they affect the benefits and costs of taking one action as opposed to another.
• The principle of comparative advantage: Everybody does best when each concentrates on the activity for which he or she is relatively more productive.
• Trade-offs: in economics we often look at the trade-offs involved in a decision.
• Opportunity cost: each decision we make involves an opportunity cost, that is, the next best alternative.
• The cost-benefit principle: Take no action unless its marginal benefit is at least as great as its marginal cost.

Answer 1