The Use of Economic Models
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Questions:
- What is a model?
- Why do models use mathematical techniques?
- How do economists use models?
- What two functions do models serve?
- What are some examples of economic models?
- What is checking accuracy called?
- Why must you check for model accuracy?
- What are the limitations of models? Explain.
- Why are economic models important?
- How will you use economic models in your studies this semester?