economic model meaning
Statistical models of the production,distribution,and consumption of goods and services,as well as of financial considerations. For the application of statistics to the testing and quantifying of economic theories MODELS,ECONOMETRIC is available.
- economic models often lead to the study of systems of equations.
- however, an economic model is not an accurate blueprint but an analytical simile.
- many of the so-called western economic models and theories are inappropriate for the study of third world development.
- many so-called general economic models are based on a set of implicit assumptions about human behavior and economic relationships.
- plans embody attempts by planners to alter the shape of the future, in line with the economic possibilities and constraints contained in economic models.