“Gathering economic facts is futile unless accompanied by economic analysis.” Explain
Please provide the best answer for the statement.
Facts are important if they can be related to other facts to help explain behavior or suggest policy. For example, knowing the income per capital in the U.S. is useful if we view it relative to past performance, price levels, other countries, etc. Simply knowing per capital income by itself (in isolation) is relatively useless.
Economics
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Entrepreneurs bring together the factors of production to produce goods and services
Indicate whether the statement is true or false
Economics
An economic model is defined as:
A. a value judgment. B. a presentation of all possible relevant real-world variables. C. a simplified representation of the way in which facts are related. D. data adjusted for irrational actions.
Economics