When Constructing Economic Models, Economists Are More Concerned with

question 268

Multiple Choice

When constructing economic models, economists are more concerned with

• A)what people say than what they do.
• B)what people think than what they say.
• C)what people do than what they say.
• D)what people say than what they do or think.

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Definitions:

Just-In-Time Performance

is an inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Low Bid Purchasing

A procurement strategy where contracts are awarded to the supplier offering the lowest price for goods or services, often utilized in public sector procurement.

Postindustrial Societies

Societies characterized by an economy where the service sector produces more wealth than the manufacturing sector.