Answer:
1. The hope of reward that encourages a person to behave in a certain way is a(n) incentive
2. A bridge is an example of something that is usually provided as a public good
3. To show how demand for a goodwill change at specific price points, economists use a demand schedule.
Explanation:
1. The hope of reward that encourages a person to behave in a certain way is a(n) incentive
An incentive is an item of value, an object, or desired action or event that spurs an employee to do more of whatever he/she was encouraged by the employer to do through the chosen incentive.
2. A bridge is an example of something that is usually provided as a public good
A public good has two key characteristics: it is nonexcludable and nonrivalrous. These characteristics make it difficult for market producers to sell the goods to individual consumers.
The first characteristic, that a public good is nonexcludable, means that it is costly or impossible to exclude someone from using the good. If John buys a private good like a cake, then he can exclude others, like Mary, from eating that cake.
The second main characteristic of a public good—that it is nonrivalrous—means that when one person uses the public good, another can also use it. With a private good like apple, if Job is eating the apple, then Mark cannot also eat it—the two people are rivals in consumption.
3. To show how demand for a goodwill change at specific price points, economists use a demand schedule.
A demand schedule is a chart used to display the number of goods or services demanded at specific prices. It can also be referred to, it’s a table that shows the relationship between the price of goods and the amount of goods consumers are willing and able to pay for them at that price. It is usually based on the demand curve that shows the inverse relationship between quantities demanded and price. As the price of a good increases, the quantity demanded decreases. It helps management to plan production processes by looking at the schedule and figure out how many units consumers will demand based on the price.
