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Economic agents are people or organizations taken within an economic context that have agency, which means a thing or person that acts to produce a particular result. The basic premise of economics is that people have some conception of what they value. They will try to be efficient in the expenditure of their resources in order to achieve these valued ends, what is called economizing. These agents in the course of doing the activity of economizing will have to make choices and they will respond to external interventions called incentives in order to try and achieve these ends.

2016-10-15T10:04:32+00:00