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Define Economics
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• What is an economic model
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Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and other organizations use limited resources to satisfy their unlimited wants and needs. Economics also examines how markets function, how prices are determined, how people interact when making decisions about resource use, and how policy decisions affect economic outcomes.
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An economic model is a simplified representation or abstraction of reality that is used to analyze an economic phenomenon or problem. These models often involve mathematical equations and assumptions about how people behave and how markets function. Economic models are used by economists to make predictions about the likely effects of policy changes, to evaluate the costs and benefits of different economic outcomes, and to understand the underlying forces driving economic behavior. However, economic models are necessarily simplified and imperfect because they cannot fully capture all the complexities and uncertainties of the real world.