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
convexity
Theoretical value
Modeling
comparative advantage
Fair price
See All Related Terms »

running account credit
Bulge
debenture bond
foreclosure
currency fluctuations