Choose the answer that best explains why economists build models that abstract from the complexities of reality.
A)Because the complexities of reality are unimportant.
B)Because economists are not interested in reality.
C)Because this allows economists to conduct controlled experiments to test their theories.
D)Because they believe they gain a greater understanding of reality.
E)Because economics deals only in the abstract.

Question

Quizplus · Accepted Answer

Economists build models that abstract from the complexities of reality because they believe they gain a greater understanding of reality. By simplifying and focusing on certain aspects of the world, economists are able to isolate the factors that are most relevant to explaining the phenomena they are studying. This allows them to create models that can provide valuable insights and predictions about real-world situations, even if they don't capture every detail of the complex reality.

Choose the Answer That Best Explains Why Economists Build Models