ASSUMPTIONS AND MARKET ECONOMY

May 8th, 2015
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Assumptions are guesses or ideas on how things work. Economists make assumptions to simplify how economics work and to make predictions on what will occur. An assumption on economics may be that there are only 2 countries in the world and that each country only produces 2 products. This is not accurate but is simple. When George Box said that “all models are wrong but some are useful”, he

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JkjkkjjkProblem Set Week 1Saira Smith 17420097Part A 1. Assumptions are guesses or ideas on how things work. Economists make assumptions to simplify how economics work and to make predictions on what will occur. An assumption on economics may be that there are only 2 countries in the world a

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