Probability Applications and Considerations
An economist uses both quantitative and qualitative data to justify their decisions. Modem economics, neoclassical economics in particular, often relies on probability. Review this article for more information on the connection between probability and economics.
Do you think that probability should always be used when making economic decisions or forecasting? Or do you think there are some instances where economic changes are based on sheer luck? Be sure to use examples to justify your conclusions with examples.
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