Asked by
Cindrella Vivera
on Oct 26, 2024
Verified
A simplified representation that is used to study a real situation is called a(n) :
A) model.
B) production possibility frontier.
C) assumption.
D) trade-off.
Economic Model
Simplified representations of complex economic processes designed to help understand, explain, and predict economic phenomena.
Real Situation
Pertains to actual events or circumstances as they exist in reality, without hypothetical modifications.
- Acquire knowledge about the creation and relevance of economic models in the context of reducing real-world complexities.
Verified Answer
JD
Learning Objectives
- Acquire knowledge about the creation and relevance of economic models in the context of reducing real-world complexities.