Asked by
michael jacobo
on Oct 26, 2024Verified
In constructing a model,economists:
A) might use a computer simulation.
B) avoid making any assumptions.
C) assume that all relevant factors are constantly changing.
D) are prohibited from using mathematics.
Computer Simulation
The use of computer models to replicate the behavior of complex systems under various scenarios, often for analysis or prediction.
Economic Model
A simplified representation of an economic process or market designed to predict real-world behaviors and outcomes.
- Comprehend the construction and significance of economic models and their use in simplifying real-world complexities.
- Recognize the significance of assumptions in constructing economic models and their effects on the models' conclusions.
Verified Answer
SB
Learning Objectives
- Comprehend the construction and significance of economic models and their use in simplifying real-world complexities.
- Recognize the significance of assumptions in constructing economic models and their effects on the models' conclusions.