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An economist uses both quantitative and qualitative data to justify their decisions. Modern 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.
When responding to your classmates’ posts, discuss whether or not you agree with your classmates. In a general sense, can probability always be a reliable source for business decision-making?
