Professors Handing Out a Syllabus on the First Day of Class

question 2

True/False

Professors handing out a syllabus on the first day of class is an example of clarifying norms.

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Definitions:

Economic Model

A simplified representation of reality used to analyze and predict economic behaviors and outcomes.

Opportunity Costs

Refers to the benefits or gains a person or organization misses out on when choosing one alternative over another.

Consumer Goods

Products bought and used by consumers rather than by manufacturers for producing other goods.

Capital Goods

Long-term assets used in the production of goods and services, such as machinery, buildings, and equipment.