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Conventional economics assumes that individuals are mostly rational. That is, they do they best they can with the available resources and knowledge to achieve their goals. Behavioral economists have called into question these assumptions. Is the conventional starting point of rational choice still relevant? How do institutional features (firm management incentives, legal incentives, etc...) the degree of "rationality" observed by economists?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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