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1) People are rational & they use some rational logic in making decisions
2) People are always toying to maximize there self-interest
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∙ 11y ago
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What is a fundamental assumption?
accounting assumption is nothing
What is the basic assumption of economics?
they lik money
A basic assumption of economics is?
A rational self-interest.
The ceteris paribus assumption is used in economics?
yes
Who proposed the fundamental assumption behind quantum mechanics?
Max Planck
Who first proposed the fundamental assumption behind quantum?
Max Planck
How does economics relate to business?
A basic understanding of Economics plays a fundamental role in achieving success in Business.
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What are the importance and goals of mircoeconomics?
it is important on understanding the individual pparty of economics it is impotant in knowing the theory and assumption of economics it is important for the economist in planning especialy for the governerment planners it is important on understanding the individual pparty of economics it is impotant in knowing the theory and assumption of economics it is important for the economist in planning especialy for the governerment planners
Fundamental concepts underlying the discipline of economics?
Scarcity and Choice
How do you solve unemployment problems by using 3 fundamental question of economics?
One possible way to solve unemployment problems is by using the 3 fundamental questions of economics. These are what to produce, how to produce it, and the cost of production.
Select the items below that descive rational behavior in economics?
It is a key assumption used in the study of economics and the choices that people make in pursuit of satisfaction.
