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.
A natural harmony among individuals serving their own self-interests and the broader interests of society was the main theme of the theories of __________, although this concept was not accepted through _________. Determine the correct answer from given options: (w) K
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