An economic model and a good economic model

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Reference no: EM13732544

1. An economic model

a. uses equations to understand normative economic phenomena

b. often omits crucial elements

c. simplifies reality in order to focus on crucial elements

d. tries to make simple concepts more complex

e. cannot be proven wrong

2. A good economic model

a. is as simple as possible, including only necessary details

b. is as complex as possible, including many details

c. represents reality as concretely as possible

d. tries to be as detailed as the reality it is describing

e. is very detailed regardless of its purpose

Reference no: EM13732544

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