Complete the following sentence.Economic models

Question

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Economic models are simplified representations of the economic world that describe only the features relevant to the problem at hand. They are used to make predictions, test theories, and inform policy decisions. They do not include all the details of the complex economic system, but rather focus on the key variables and relationships that affect the outcome being studied. Economic modeling has been around for much longer than the 1970s, and while they can be used to address normative questions, their primary purpose is to describe and explain the world as it is.

Complete the Following Sentence.Economic Models