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
marketing
management decision cycle
Fair price
cut
value chain costing
See All Related Terms »

reducing balance method
market index deposit (MID)
Chapter 11
domicile
risky