« previous next »

Author Question: Why is abstraction important in developing economic theories?[br][br][b][color=#151B54]Question ... (Read 44 times)

lracut11

  • Hero Member
  • *****
  • Posts: 536
on: Jun 30, 2018
Why is abstraction important in developing economic theories?

Question 2

The goods and services that are used in the production of other goods and services are called:
 a. gross domestic goods.
  b. intermediate goods.
 c. final goods.
 d. ultimate goods.


vickyvicksss

  • Sr. Member
  • ****
  • Posts: 351
Reply #1 on: Jun 30, 2018
Answer to Question 1

Economic theories cannot realistically include every event that has ever occurred. A theory weeds out the irrelevant facts from the relevant ones. An economic theory provides a broad view, not a detailed examination, of human economic behavior.

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Eye Color Is a Sex-Linked Trait in Drosophila (Part 2) Eye Color Is a Sex-Linked Trait in Drosophila (Part 2)
Operations Management question Operations Management question
The method of Land’s (1977) color-vision experiments. Subjects viewed Mondrians illuminated by ... The method of Land’s (1977) color-vision experiments. Subjects viewed Mondrians illuminated by ...
Help with this quick question please Help with this quick question please
economic question economic question
economic question economic question
Video: Multiple Sclerosis Animation

For a complete list of videos, visit our video library