The three principles I would apply are incentives, trade and standard of living productivity. Incentives give people a reward or a goal to work towards, which could potentially increase the standard of living productivity. Trade would also increase the variety of goods and services that are being provided to the country.

Address the question below:

In your responses discuss (Markets are usually a good way to organize economic activity economic principle). Draw connections between the different principles listed aboveand the role of microeconomics in everyday life.