A simplified representation of a complicated situation is:

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A model is a simplified representation of a complicated situation. It provides a framework for understanding and analyzing complex systems or concepts. While it may not include all the fine details, a well-designed model can be a useful tool for decision-making and problem-solving in various fields such as economics, engineering, and social sciences. Cutting corners implies skipping important steps or procedures, which is not the same as simplification through modeling. Econometrics refers specifically to the application of statistical methods to economic data, and is not a general term for simplification or modeling.

A Simplified Representation of a Complicated Situation Is