Model (economics)

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

A diagram of the IS/LM model

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

In economics, a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and quantitative relationships between them. As in other fields, models are simplified frameworks designed to illuminate complex processes.

Related Topics:
Economics - Theoretical - Process - Variable - Logic - Models

~ ~ ~ ~ ~ ~ ~ ~ ~ ~