Asked by Joseph Bartmann on Jun 22, 2024
Verified
All scientific models, including economic models, simplify reality in order to improve our understanding of it.
Scientific Models
Simplified representations of complex systems or phenomena used to explain, predict, or control those systems or phenomena.
Reality
The state of things as they actually exist, as opposed to how they may appear or might be imagined.
- Gain familiarity with the role and restrictions of economic models in shedding light on real-life phenomena.
- Acknowledge that economists utilize assumptions to make the complexity of the world more comprehensible and easier to understand.
Verified Answer
LC
LaidBack CefoeJun 26, 2024
Final Answer :
True
Explanation :
Scientific and economic models simplify complex realities to make them more understandable and to focus on key variables and relationships.
Learning Objectives
- Gain familiarity with the role and restrictions of economic models in shedding light on real-life phenomena.
- Acknowledge that economists utilize assumptions to make the complexity of the world more comprehensible and easier to understand.
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