Question

When an economic model is used, it tends to:?

Answer 1

An economic model is used to predict different variables to show what could change overtime based on different variables used. An economic model tends to show these predictions and allow economist to study relationships and changes between different variables. Studying different models allow economist to see which route is the best to go, given the option to pick.

Answer 2

If an economic model is used, it will most likely or tend to start off with many details that would be needed in order to simplify it over time as economic model is a way of simplifying a certain frame work or details in means of illustrating a difficult or complex process that has been provided of.