Final answer:
A simulation model is used to repeatedly ask 'what-if' questions, enabling users to predict the outcomes of changes in various factors. These models are prevalent in numerous fields such as economics and biology for analyzing complex systems and market dynamics.
Step-by-step explanation:
The type of model that repeatedly asks 'what-if' questions to determine the impact on outcomes of changes in one or more factors is known as a simulation model. Simulation models allow users to examine and analyze how changes in variables can affect the outcomes in a system. These models are often used in population dynamics, economical analysis, and other fields where predicting different scenarios and their consequences is essential. They provide a way to deal with uncertainties and complexities that involve multiple changing factors simultaneously and assess the potential unintended consequences of decisions. Precise simulation models are crucial for economists when analyzing a market, as they help in understanding how numerous varying factors can jointly affect market conditions. In biology, considering abiotic and biotic factors in population models helps in predicting changes over time and how reproductive strategies affect population dynamics.