To an Economist, Theory Can Be Thought of as

question 36

Multiple Choice

To an economist, theory can be thought of as

• A)abstraction for the sake of argument.
• B)one person's opinion, which is just as good as another's.
• C)another term for the description of a situation.
• D)beliefs which cannot necessarily be verified.
• E)explanation of mechanisms behind observed phenomena.

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Definitions:

IDEO Brainstorms

A creative group problem-solving and idea generation technique often used by IDEO, a global design company, to foster innovation.

IDEO Projects

Innovative projects developed by IDEO, a global design company, focusing on creating positive impact through design and innovation.

Satisficing

A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal one, due to constraints such as limited information or time.

Rationality

The quality of being based on or in accordance with reason or logic; decision-making that aims to optimize outcomes.