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.
By the perspective of nowadays academic standards, Adam Smith must have more evidently acknowledged that several the analyses and insights for that he took credit within his Wealth of Nations had really been gleaned from the writings
Adam Smith and most of the typical economists who followed instantly in his footsteps: (i) viewed monopoly as no big problem. (ii) encouraged monopolies due to their research and development abilities. (iii) thought monopoly power was a communist plot
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
Explain: “Even though parking meters may yield little or no net revenue, because of the rationing function they perform nevertheless be retained”
Question: Conduct an analysis on the following topic and prepare an Executive Summary-style report with supporting exhibits (Insightful Graphs, tables etc. from quality expert analyst references used to write the r
Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer Q : Illustrate Market Equilibrium of Supply Illustrate Market Equilibrium of Supply and Demand?
Illustrate Market Equilibrium of Supply and Demand?
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
Why private goods are produced through the market?
Briefly state the pros and cons of Proprietorship?
18,76,764
1955734 Asked
3,689
Active Tutors
1445456
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!