Generalization and abstraction are nearly synonymous
Explain the statement: “Generalization and abstraction are nearly synonymous.”?
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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.
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
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