Chapter 1 Section 2Economic TheoryEconomic TheoryEconomic modelIs a simplification of economic reality that is used to make predictions about the real world.Ex. What happens…
Why Donât People Save How many of you know that smoking is unhealthy? How many of you know peopleâeven people your ageâwho smoke? How many of you know that eating foods…
Chapter 1 Section 2 Economic Theory Economic Theory Economic model Is a simplification of economic reality that is used to make predictions about the real world. Ex. What…
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Warm-Up Estimate the per night price of staying in both of these hotels. What made you guess these prices? Reading Quiz 1.2 Define a âeconomic theory.â What is rational…