let us discuss below I have worked in varied businesses throughout my career and currently reside with the City of Wichita as a Data analyst and CRM Manager for the Regional Chamber of Commerce. Apart from my duties, I engage with out membership and engagement team to establish new ways to attract and retain members to the Chamber while also driving business initiatives forward. We currently operate as a non-profit and are supported solely by our membership dues and special events that we put on each year. A rising problem that in occurring with our business is the lack of understanding of what we do for the businesses in Wichita, as well as the benefits members receive from being a member. We are constantly asking ourselves the question of do we need to change our approach as a new generation enters the small business realm. This generation may not value being a chamber member as their predecessors did, so the way we provide value might need to change. All this answers the question of how we should change and what can be done to avoid making poor financial decisions.

Adverse selection occurs when one party has more information than the other party in a transaction, leading to an imbalance in information and potentially resulting in negative outcomes. A moral hazard occurs when one party takes on more risk knowing that the other party will bear the consequences. Both of these risks can have significant impacts on a firm's operations and bottom line. One of the ways I could then tackle this dilemma is changing the way in which dues are paid by members to allow a more tiered approach. This would require transparency and a clear understanding of the benefits we provide as well as a way for businesses to choose a level of membership that best fits their needs.

How can you implement a new system or payment method for goods and services in your industry that would avoid Adverse Selection and Moral hazard?

Baye,M.R., & Prince,J. (2021).Managerial economics and business strategy.