Which common saying best captures the concept of incentives, one of the key principles of economics?

The saying goes like this: "if the carrot doesn't work, try the stick"

The common saying the best captures the concept of incentive is that if the carrot does not work, try the stick. It is one of the key principles of economics.  

Further Explanation:

Principle of Economics:

Principle of economics is the technique that can be used to produce the goods and services in an effective manner. With the help of principles of economics, the employee can used these principles to manufacture the more goods by using the carrot does not work, try the stick.  

The economy of the country tells us about the actual production of the goods in a particular period, growth of the country, and the total income and expenses during a particular year.  

Incentive:

Any employee can gets the incentive when he or she does the work more than the target. The employee put their extra effort to earn the incentive. Incentive is the amount in excess of the salary received by the employee. Sometimes, the employee does the extra work as a punishment.  

If the carrot does not work, try the stick:

The carrot here means the incentive earn and the stick means the company threats the employee to fire from the company. First, the company uses the carrot technique to encourage the employee to do extra work. But if it does not work, the company uses stick technique, in which the company makes pressure on the employee minds. The company threats the employee to fire from the company. This ultimately improves the efficiency of the employee.

Learn more:

1.Learn more about goods production

2.Learn more about demand and supply diagram

3.Learn more about trade-offs

Answer details:

Grade: Middle School

Subject: Economics

Chapter: Incentives

Keywords:

common saying, best captures, concept, incentives, salary, technique, manufacture, threat, punishment, employee, employer, company, a quantity of ,goods and services, fire, and efficiency.  

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