a) Models and assumptions

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Last updated 4:32 PM on 9/22/25
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5 Terms

1
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Why is economics a social science?

It studies complex human decision making and how to allocate limited resources

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Why do economists use models?

Because they simplify complex human decision making and their affect on the economy

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What are assumptions?

Generalisations of behaviour and outcomes

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Why do all models make assumptions?

To account for constantly changing variables

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What is thinking like an economist?

Evaluating which variables will be studied or dismissed and their relationship to each other (causation and correlation)