Step 1 Research and economic principle Choose an economic principle or principles that help to explain some real world phenomena that you observe. For example, COVID- 19.

Examples of economics principles to consider:

Incentives matter: because they affect the benefits and costs of taking one action as opposed to another.

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.

In 300words or less briefly explain this phenomenon using an economic principle(s)