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When parenting dealing with Moral Hazard should be a regular. You'd constantly want to protect your child from any harm but sometimes they just need to go through what they have to go through to understand. For example if my son/daughter does not pack their lunch even though it is their responsibility and I have a emergency lunch for him/her they may think it is okay to continue not pack their lunch because It's assumed I have a emergency one for them, here they child experiences moral hazard because he/she took the risk not to pack their lunch but will not feel the consequences because as a parent I saved them.

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As a parent everything is devoted to you're child. You're child automatically becomes part of your everyday like everything second, minute, hour, day. Which is why you will not have that much time on your hands. Scarcity can come in more way than one and in this case Time when you are a parent is scarce doing everyday activities may seem harder or more time consuming. When it comes to scarcity Time is what I automatically think of. You would consider washing dishes your free time because of how scarce it is.

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When parenting you will constantly use Incentives and Disincentives on your child. Regardless of age parents do it, mine did and it often works. Parents use incentives and disincentives either when you need your child to listen or when disciplining. The definition of Incentive would be doing or giving someone something that  encourages one to perform a task. A example of this would be if I ask my child to clean up his/her toys and he/her does not want to I would then offer candy if this task is done, my child may clean up the toys because I have encouraged him/her to complete the task for a reward of candy. Now Disincentive's discourages one from performing a task. A example of this would be if my son/daughter purposely puts their hands in the toilet if I tell them the next time they do this the toilet monster will get them, they now may think twice about putting their hands in the toilet.

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Having a child does not particularly come cheap. Their are many factors that play involving taking care of your child and it does not make your wallet look pretty. Making sure your child has everything they need would automatically become your main priority. From buying clothes to food, car seats, strollers, toys, lifetime child insurance and so on. The items seem endless and they grow. In my opinion having a stable job would be best in this case.

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When you become a parent their is a lot of things are given up. Either you've made a mistake to have a child or you wanted a child, caring for one is a lot of time and responsibility and it involves giving up many things. For example your career, having a child could lower the chances for having your dream job simply because you won't have time any more to give 100% to pursuing that job. The split second you make that decision to feed your baby you have given up the opportunity cost to pursue your dream career. This happens with everything you do for your child that does not involve moving you forward in what you want to do, their will always be a trade off.