An Economic Model Is

question 186

Multiple Choice

An economic model is

• A) a statement that describes how the world should be.
• B) a collection of facts that describe the real world.
• C) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
• D) a generalization that summarizes all the normative assumptions we make about a particular issue.

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Definitions:

Human Motivation

The psychological forces that determine the direction of a person's behavior in an organization, a person's level of effort, and a person's level of persistence.

Motivation Levels

describe the degree or intensity of a person's willingness or desire to engage in or perform a particular activity or behavior.

Satisfied Need

A psychological or physiological requirement that has been fulfilled, contributing to an individual's well-being and motivation.

Rhetoric Tools

Techniques used in speaking or writing to persuade, inform, or entertain an audience.