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Explain the key assumptions and desired properties commonly used economics.
Economists generally make all or some of the given key assumptions and a condition while they study economic problems as follows:
a. Individuals are restricted rational: self-interested behavior assumption;
b. Scarcity of resources: individuals tackle scarce resources;
c. Information regarding individual’s economic characteristics and actions is unfinished or asymmetric to a decision marker. As like a decentralized decision making is wanted.
d. Economic freedom: It is voluntary cooperation and voluntary exchange;
e. Incentive compatibility of parties: there the system or economic mechanism must solve the problem of interest conflicts in between individuals or economic units;
f. Well-described property rights;
g. Equity into opportunity;
h. Allocate efficiency of resources;
Relaxing any of such assumptions may result in various conclusions.
Determine the economic productivity level Up until 1500 as best we can tell there had been next to no growth in output per worker for the average human for millennia. Even in 1
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MONOPOLISTIC MARKET
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