If I will have a business the two principles of economics I will apply are People face trade-offs, and The cost of something is what you give up to get it because I believe these two go hand to hand when making decisions. For example, if I will decide to have my own business, I need to give up my time for fun, and time with my friends to spend time making business decisions. And having a business is what I get by giving up my time for fun and friends.

Address the question below:

In your responses discuss (People respond to incentives economic principle). Draw connections between the different principles listed aboveand the role of microeconomics in everyday life.