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Describe at least three of the key concepts in economics introduced in Chapter 1 of the text that define how an economist views the world.
Social Psychological
Pertaining to how individuals' thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.
Hypotheses
Tentative explanations or propositions made on the basis of limited evidence, serving as a starting point for further investigation.
Critical Component
An essential element or part that is crucial for the functioning or success of a system, process, or mechanism.
Interventions
Actions or processes aimed at altering the current situation, typically to achieve improvements or solve problems.
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