Economists Use Abstract Models Because

question 57

Multiple Choice

Economists use abstract models because:

• A)every economic situation is unique, so it is impossible to make generalizations.
• B)every economic situation is essentially the same, so specific details are unnecessary.
• C)they are useful for describing general patterns of behavior.
• D)computers have allowed economists to develop abstract models.

Identify the fundamental problem of economics as the need to make choices due to scarce resources.

Describe the basic categories into which resources are divided.

Comprehend the definition and role of capital in economics.

Describe the role of an entrepreneur in the economy.

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