_______ is a simplified representation of an economic environment.
A) Scarcity
B) Normative Analysis.
C) An economic model
D) Microeconomics

Question

Quizplus · Accepted Answer

An economic model is a simplified representation of an economic environment that helps us to understand complex economic relationships and guide decision-making. Scarcity is a fundamental concept in economics but it is not a representation of an economic environment. Normative analysis is a type of economic analysis that focuses on what ought to be done rather than what is, and microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions about the allocation of limited resources.

_______ Is a Simplified Representation of an Economic Environment