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Norms are standards that guide, control, and regulate individuals and communities. Group norms set the standards for group behavior, attitudes, and perception. Group norms serve which of the following functions?
Economic Model
A theoretical construct that represents economic processes by a set of variables and a set of logical or quantitative relationships between them.
Economic Conditions
The state of various factors that influence an economy at a given time, including inflation rates, unemployment levels, and the rate of economic growth.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable on another, holding all other relevant factors constant.
Economic Model
A simplified representation of economic processes, used to analyze and make predictions about economic behavior.
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