________ Is the Ability to Model the Components of a System

question 60

Multiple Choice

________ is the ability to model the components of a system, to connect the inputs and outputs among those components into a sensible whole that reflects the structure and dynamics of the phenomenon observed.

• A)Abstract reasoning
• B)Systems thinking
• C)Collaboration
• D)Experimentation

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Definitions:

Economic Behaviors

Actions or decisions of individuals, households, and organizations regarding production, distribution, and consumption of goods and services.

Mental Processes

The internal cognitive operations that underlie thinking, reasoning, perception, and emotional responses.

Behavioral Economics

The study of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Neoclassical Economics

An approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.