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
success
Fair price
Fibonacci retracement
cut
comparative advantage
See All Related Terms »

occupational pension scheme
price level
Volume Weighted Average Price
bottom line
arithmetic mean