Another term for an "economic model" is an

Question

Quizplus · Accepted Answer

An economic model is essentially a simplified representation of economic reality, created to help economists understand and analyze various economic phenomena. An economic theory is a broader concept that refers to the set of principles, concepts, and assumptions that underlie a particular economic model. Therefore, an economic model is a specific application of an economic theory. This makes A) economic theory the best choice as another term for an "economic model." Choices B), C), and D) are not accurate because economic design and economic science are not commonly used terms to refer to economic models and assumptions are a part of economic theories, not necessarily interchangeable with economic models.

Another Term for an "Economic Model" Is an