What is the difference between concept and assumption, Microeconomics

Assignment Help:

What is the difference between 'concept' and 'assumption'? 

These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, force, space are concepts in Physics, God can be a method in religious beliefs, time is a method in Metaphysics, demand & supply are concepts in Economics, etc. However 'assumption' means a statement of something that has been taken for granted or something that has been accepted without any real proof.

For example, "people are maximizers" is an assumption in Economics. 

 


Related Discussions:- What is the difference between concept and assumption

Hydrogen alkali and alkaline earth metals, Hydrogen, Alkali and Alkaline ea...

Hydrogen, Alkali and Alkaline earth metals Lithium atom and ion are very small and are comparable in sizes to those of Mg. Their polarizing power (charge / radius) are almost t

Market economy, what is market economy and how it solve the central problem...

what is market economy and how it solve the central problem

What do you mean by bond, Q. What do you mean by Bond? Bond: A financia...

Q. What do you mean by Bond? Bond: A financial security that represents promise of its issuer (generally a company or a government) to repay a loan over a specified time period

Central economic problems, discuss the central economic problem facing surv...

discuss the central economic problem facing survivor group

Molarity and normality, What is the Molarity and Normality of the ferrous a...

What is the Molarity and Normality of the ferrous ammonium salt ? For exam....196 gm (initial)

Effectiveness of productive effort, Productivity:Generally, productivity me...

Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur

Joy Land Toys, I need help with a question that has been posted on here alr...

I need help with a question that has been posted on here already.

Essentials of development administration for economics, Essentials of Devel...

Essentials of Development Administration  Development administration, to be effective and efficient, needs to have the following ingredients:  Administrative Innovation:

What functions include of money, The functions of money include; (1)  mediu...

The functions of money include; (1)  medium of exchange,  (2)  store of value, and (3)  a calculate of worth.  Due to money is acceptable as a form of payment for all commodities,

Demand and supply, During the 1990s, technological advance reduced the cost...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd