Economists call the process of reducing the complexity and variation of the real-world economy into a handful of equations

Name: Economists call the process of reducing the complexity and variation of the real-world economy into a handful of equations
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"Building a model" is the term used by economists to describe the process of simplifying the complex and varied real-world economy into a manageable number of equations for analysis and prediction.

Economists Call the Process of Reducing the Complexity and Variation