facility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).acility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).
While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
Neo-classical economics employs three basic assumptions: people have rational preferences among outcomes that can be identified and associated with a value, individuals maximize utility and firms maximize profit, and people act independently on the basis of full and relevant information.