Question

consider each decision in the context of the four core principles of economics. a. gilberto is deciding whether to vote in the next election. the four core principles of economics do not apply to this decision because voting behavior is studied in political science. apply to this decision because gilberto should consider the costs and benefits associated with voting. apply to this decision because gilberto’s vote is a marginal vote that could determine the outcome of the election. do not apply to this decision because there is no cost involved in voting.

Answer 1

The four core principles of economics: C. apply to this decision because Gilberto's vote is a marginal vote that could determine the outcome of the election.

What is economics?

Economics can be defined as a field of science that is focused on the analysis and examination of various principles that influence the production, cost, demand and supply of goods and services.

The four core principles of economics.

Generally, there are four (4) core principles of economics with respect to decision-making and these include the following:

• Rational people think at the margin.
• Everybody face tradeoffs.
• Incentives influence people's action.
• Opportunity cost.

In the context of the four (4) core principles of economics, we can reasonably infer and logically deduce that Gilberto's vote is a marginal vote and as such it can influence the outcome of the election.

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