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Explain the Economic Assumption That "People Are Rational

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Explain the economic assumption that "people are rational."


Definitions:

Observable Behaviors

Observable behaviors refer to actions or reactions of an organism or system that can be noticed, measured, and recorded by an observer.

Symbolic Interactionism

A sociological perspective focusing on how people use symbols to create meaning and how these meanings shape social interaction and society.

Pragmatism

A philosophical tradition that considers thought to be a tool for prediction, problem solving, and action, emphasizing practical consequences and real effects.

Dynamic Processes

Processes that are characterized by constant change, activity, or progress within a social or natural context.

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