Asked by
Juanita Hincapie
on Oct 26, 2024
Verified
In building models,economists avoid making any assumptions that might leave out any aspect of reality.
Making Assumptions
The process of establishing certain premises or conditions as given for the purpose of analysis or decision-making.
Economists
professionals who study the production, distribution, and consumption of goods and services, and analyze economic issues and trends.
- Acknowledge the critical role of hypotheses in the construction of economic models and their inherent limitations.
Verified Answer
YV
Learning Objectives
- Acknowledge the critical role of hypotheses in the construction of economic models and their inherent limitations.
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