Final answer:
In economics, the two explanations that represent models are (b) a simplified representation of economic processes and (a) a historical account of economic events, though the latter does not provide a model in the empirical sense. The correct options are a,b.
Step-by-step explanation:
In the study of economics, models are used to represent and analyze how economic systems operate. The two explanations that represent models in economics are:
- A simplified representation of economic processes
- A historical account of economic events, which can sometimes aid in understanding economics but does not provide a predictive or abstract representation like a model does.
- An artistic interpretation of economic theories, which is more subjective and not used as an empirical tool.
- A collection of economic opinions from experts, which can inform models but in themselves are not models.
The correct answers, in this case, are (b) A simplified representation of economic processes, which includes key features to help understand the situation, and is used to test economic theories.
Unlike a historical account, artistic interpretation, or collection of opinions, a model serves as an empirical tool that can be tested and applied in various scenarios.The correct options are a,b.