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.
Illustrate the 2nd function to promote and maintain competition?
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Elucidate facilitating factors that explain the growth of trade?
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“An increase in the American dollar price of the South Korean won implies that the South Korean won has depreciated in value.” Explain.
Just need help to see if I am in the right direction if there any think wrong need help with it.
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