model
A stylized simplification of reality in which behavior is represented by variables and by assumptions about how they are determined and interact. Models enable one to think consistently and logically about complex issues, to work out how changes in an economic system matter, and (sometimes) to make predictions about economic performance.
Browse by Subjects
Zeta
independent variable
absolute advantage
Modeling
budgeting models
See All Related Terms »

deferred annuity
notional income
average price
preservation of capital
overdraw