It relates to the study of economics by providing incentives to influence or encourage others to do well. Incentives provide us with the motivation to …show more content…
Another example, information that is not given but still has the strength to change a person decision. The first example, I went to the doctor for my annual checkup, my medical doctor gave advice and ordered test because she specializes in medicine and knows what is best for my health. A medical doctor is more experienced and educated than their patients. Secondly, if someone took their car to a repair facility, the mechanic would know if the car needs a transmission or motor because they have greater knowledge about the recommended repairs than the owner. A car mechanic knows more about cars than their clients. Thirdly, an attorney has access to confidential information that the client cannot access, which leads to the attorney having more information than the client. An attorney is more experienced at handling legal cases than their clients. An attorney has access to confidential information that the client cannot access, which leads to the attorney having more information than the