Final answer:
A conversation funnel is a graphical representation summarizing the steps a consumer takes from becoming aware of a product to making a purchase decision. It is a tool used in economic models and business strategies to examine consumer behavior patterns and enhance marketing efforts.
Step-by-step explanation:
The graphical representation that summarizes the steps a consumer takes in making the decision to buy your product and become a customer is called a conversation funnel. This type of diagram shows the journey of a consumer from awareness to consideration, and finally to the decision to purchase. The conversation funnel is used in economic models and business strategy to illustrate and analyze the various stages consumers go through before making a purchase. The funnel illustrates patterns and trends in consumer decision-making, which can help businesses tailor their marketing efforts to more effectively reach potential customers.