Importance of Models in Economics
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Questions:
- What do economists use models for?
- Define model. What are they used for?
- What are examples of different types of models?
- Define graph. What are they used for?
- Explain the following
- Production Possibilities
- Time-Series
- Scatter diagrams
- Multicurve diagrams
- Production Possibilities
- What is a mathematical model?
- What is the difference between a dependent and an independent variable?
- Explain why economists need models.
- How does the Chinese proverb “a picture is worth a thousand words” apply to economics?
- According to the article, what is the main purpose for using models?