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What Are the Five Steps by Which Economists Arrive at a Useful

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What are the five steps by which economists arrive at a useful economic model?


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Social Change

Significant alterations over time in behavior patterns, cultural values and norms, and societal structures.

Norms and Values

Socially accepted rules and standards of behavior, and deeply held beliefs that guide individuals' actions and decisions within a society.

Collective Behaviour

Actions and norms created through a group coming together, often spontaneously, without official organization.

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The most current and innovative resources or information available in a particular field.

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