Generalization and abstraction are nearly synonymous
Explain the statement: “Generalization and abstraction are nearly synonymous.”?
Expert
The full scope of economic reality is too complex and bewildering to be understood as a whole. Economists abstract—that is, build models—to give meaning to an otherwise overwhelming and confusing maze of facts. Economic principles are generalizations; they are expressed as the tendencies of typical, or average, consumers, workers, or business firms. Generalizations or abstractions are of practical use because the simplification and removal of clutter make analysis of problems easier.
Explain the foundation of economics where society’s material wants are scarce resources?
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
Explain the definition of Economics?
Elucidate state expenditures and receipts for all states in 1998?
Consider a huge group of identically smart and strong industrious workers. All else identical, Adam Smith would predict such that the lowest average wages would be earned through the workers who were in the work that: (1) had the leas
Illustrate several theories about causation?
Describe redistributive effects of inflation?
What are the scientific method that Economists use to establish theories, laws, and principles?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
What does high or low operating leverage specify?
18,76,764
1928207 Asked
3,689
Active Tutors
1429892
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!