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.
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Define the term Mixed Economy and also state their advantages and disadvantages?
Illustrate a summary of what can cause an increase in demand?
Payments for the use of land, capital and labor are respectively termed as: (w) rent, wages and profits. (x) rent, interest and wages. (y) dues, profits and depreciation. (z) fruit, profits and money. Q : What are the major provisions of GATT What are the major provisions of GATT
What are the major provisions of GATT
Question: Some commentators have argued that the failure of the "Super committee" is good thing for the economy? Do you agree? Answer: The Super committe
For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi
Fiscal Policy:Public or government finance is a field of economics. This deals with budgeting the revenues and expenditures of government (i.e., or public sector). It is regarding the identi
Describe the term: “Only to be part with it we want money”?
The least probable of the given industries to be a contestable market is: (1) video rentals. (2) pizza delivery. (3) cable television. (4) trucking. Can someone explain/help me with best solution about problem of <
18,76,764
1958718 Asked
3,689
Active Tutors
1426530
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!