Economists develop models to
A) capture every detail of the real world.
B) make their arguments more realistic.
C) justify the assumptions they make about people's behavior.
D) help us understand economic phenomena in the real world.

Question

Quizplus · Accepted Answer

Economists develop models to help us understand economic phenomena in the real world. While models may not capture every single detail, they provide a simplified representation that helps us explain and predict real-world outcomes. Models often rely on certain assumptions about people's behavior or other factors, but these assumptions are made to make the model more manageable - they do not claim to perfectly capture the complexity of real-world behavior.

Economists Develop Models to