ch1 2nd part - Abstractions: -simplifications that omit...

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Abstractions: -simplifications that omit irrelevant facts and circumstances -Sorting out and analyzing facts involves simplification and removal of clutter -economists simplify—create theories and built models—to give meaning to the overwhelming facts. Graphical expression: -Economic models Policy Econ. - theories+data=policies Policies -courses of action bases on economic principles -intended to resolve a specific economic problem or further an economic goal -their foundations are economic theories -economic policy is usually applied to problems after they arise -economic analysis can predict some undesirable event then it may be possible to avoid or moderate that event through economic policy. Econ. Policy state the goal : must be specific Determine the policy options : formulate possible policies to achieve the goal and determine possible effects of each policy -detailed assessment of the economic impact, benefits, costs, and pol feasibility Implement and evaluate the policy that was selected:
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ch1 2nd part - Abstractions: -simplifications that omit...

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