When economists talk about a "new normal" in terms of conditions in the production and employment sectors, they are suggesting a change in people's perceptions influenced by the

Question

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The "new normal" concept in economics often involves a change in how situations or data are presented or perceived, which aligns with the framing effect. The framing effect describes how people react differently to a particular choice or scenario depending on how it is presented to them. In the context of a "new normal," the way economic conditions are framed can significantly influence people's perceptions and behaviors in the production and employment sectors.

When Economists Talk About a "New Normal" in Terms of Conditions