Define the term Abstractions in economics
Define the term Abstractions in economics?
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Economic principles, theories or models are abstractions, simplifications, which attempt to find the important connections and relationships of economic behavior. These models are useful precisely because they strip away the clutter and complexity of reality.
Describe the output effects of Inflation?
Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?
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numbers of sellers in pure competition?
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