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Author Question: Why is abstraction important in developing economic theories?[br][br][b][color=#151B54]Question ... (Read 35 times)

lracut11

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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

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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


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