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12th Economics

Chapter 2

QuestionAnswer
An economic model is a simplified ___________ of an economic situation. representation
Economists use models because the real economy is very _____. complex
Models help focus of key _________ while ignoring minor details. factors
Economic models can take many forms including graphs and written __________. explanations
Models are helpful tools even though they aren't completely _________. accurate
Economic models are based on _________. assumptions
Assumptions make economic analysis _________. easier
A common assumption is rational _________-________. decision-making
Assumptions can limit how _________ a model is. accurate
Understanding assumptions helps economists use models _________. correctly
There are several types of economic __________. models
Physical models are real and __________. tangible
Graphic models show relationships _________. visually
Mathematical models use _________. equations
Written models explain ideas using _______. words
Economic models explain economic __________. behavior
Models can predict future __________. behavior
Predictions may change due to real world ________. events
Economists revise models using new __________. information
Eco models are evaluated by ___________. usefulness
Strong models focus on key __________. variables
All models have ___________. weaknesses
Models help economists understand the _________. economy
Models are tools, not perfect __________ of reality. representation
Benefits of budgeting: 1) prevents debt; prepares for emergency 2) encourages saving 3) reduces stress
Created by: wellis76
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