Chapter 2, Problem aWYWL

To determine

Various economic models and their importance to economists.

Explanation of Solution

EXPLANATIONs:

The importance of the economic model is defined as a simplified description that can bring the reality, along with designing and interpreting it with the yield hypotheses that works related to the economic behavior which can eventually be tested. It is important to consider the economic model that is often considered as a necessarily subjective in terms of designing as it would help in interpreting a number of objective measures related to the economic outcomes. The different economists evaluate on the basis of the different economic models with different approaches.

Economics Concept Introduction

Introduction:

In economics, if determining the economic model is considered as a theoretical construct that can help in evaluating the economic processes in terms of bringing a set of variables along with it applying a set of logical, quantitative relationships that can exist in between them. To interpret an economic model is also considered as a mathematical or a theoretical framework that can evaluate and help in understanding the complex processes.