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Natalka [10]
3 years ago
11

Economic principles are generalizations relating to __________ tendencies in economic behavior or to the economy itself_______

Business
1 answer:
DedPeter [7]3 years ago
4 0

Answer: Average

Explanation:

<em>Economic principles are generalizations relating to </em><em><u>average</u></em><em> tendencies in economic behavior or to the economy itself.</em>

<em />

It is impossible to explain the individual choices people or companies make and yet it still needs to be done so that the economy can be studied and planned. For this reason economic principles use generalizations to study and explain the economy based on the behavior of the majority of people.

Essentially they are based on perceived rational tendencies of what is expected of people and firms. This is why some economic principles are supported by one group of economists and not by others. If the principles applied to all, it would not be the case.

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