« previous next »

Author Question: Why is abstraction important in developing economic theories?[br][br][b][color=#151B54]Question ... (Read 34 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?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Economic and Social Development Economic and Social Development
How to integrate trigonometric functions containing both tangent and secant (Question 2) How to integrate trigonometric functions containing both tangent and secant (Question 2)
How to evaluate third-order determinants by Minors Method (Question 2) How to evaluate third-order determinants by Minors Method (Question 2)
Hardy-Weinberg Question P2 Hardy-Weinberg Question P2
Economics question Economics question
Economic practice question Economic practice question
Video: Hormonal feedback loop components

For a complete list of videos, visit our video library