Help me in these economics questions?
2. What are the elasticity approach, asset market approach, portfolio balance approach and monetary approach to balance of payments? Are these any more other approaches?
3. What does tatonnement (groping) mean?
4. How is game theory applicable in finance?
5. How many models are there in economics?
Answer:
money illusion is when people think that a higher wage is necessarily benefitial with0out considering teh fact that potentially higher wages may be lost due to inflation.
as to whether or not game theory is applicable to finance i see no reason why it shouldnt be i mean you have to adapt it in terms of the player and the kind of game they are playing as well as the payoffs but it should work.
how many models are there is economics?probably as many as there are economists seeing as nobody can agree to anything in economics.
1.-When you think your yearly 3% raise means something while the dollars loses 10% of its real value every year.
2.-What? TL; DR
3.-Whatever.
4.-Not applicable in practice but many economists love to include John Nash among their own ranks since they guy was smart for a change. He was a mathematician BTW.
5.-Not models but different flavours of bullshit.
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