Home » Vocabulary » Economic model
Thing

Economic model

In economics, a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models.

WELCOME TO RICHTOPIA

FREE MEMBERSHIP

Get special new reports and never miss an update again ...

Join 75,256 other subscribers.

  • 2,555,346 all-time users
Advertisement
As Seen On Forbes
Advertisement