In order to explain how societies deal with the problem of scarcity,economists apply simplified representations known as
A) simplifying assumptions.
B) empirical tests.
C) normative questions.
D) models.

Question

Quizplus · Accepted Answer

Economists apply simplified representations known as models to explain how societies deal with scarcity. These models are simplified frameworks that help economists understand how different aspects of the economy interact with each other, and how societies make choices about how to allocate their scarce resources.

In Order to Explain How Societies Deal with the Problem