An economic model can be described as
A) an abstract representation of reality
B) a detailed description of some economic phenomenon
C) something that is often more complex than the real-world phenomenon it represents
D) a vehicle for making positive economic statements
E) a vehicle for making normative economic statements

Question

Quizplus · Accepted Answer

An economic model is an abstract representation of reality. It reduces complex economic systems or concepts into a simplified form that economists can use to analyze and predict real-world economic behavior.

An Economic Model Can Be Described as