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
speed resistance lines (SRL)
See All Related Terms »
limited tax bond
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):