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.
How a production possibilities curve is a graphical representation of choices?
Evaluate and explain the statements: “Market is its own guardian implies that there really is an invisible hand or taskmaster that watches over the decision makers in the marketplace”
The market-based economic system: (1) Appears to be ‘natural’ as it has existed in all societies. (2) Has dominated the economic relationships in United States since from the year1492. (3) Guided resource allocation in middle ages. (4) Is
How market system promotes technological improvements?
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For rapid growth of world trade what are the factors of account since the Second World War?
Explain how, if at all, each of the following affects the location of the production possibilities curve?
Describe redistributive effects of inflation?
What happens in the resource markets?
Elucidate the growth record of the United States?
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