Question

Economics have developed several models for the purpose of _____ in firm

Answer 1

Answer:

economic development and growth

Answer 2

Economics have developed several models for the purpose of  facilitating the profit maximizing decisions in a firm

Explanation:

• There are many models and theories that are developed in economics that are used to assess the relationship between the consumption and production of goods and services in an organisation
• An economic model is essentially a simple framework for describing the workings of the economy. Economic models are conceptual frameworks that aid in the understanding,  describing and predicting human behavior
• The economic models are applied in areas of forecasting, planning and allocation and proposing an economic policy

To know more about Economic model

Define ‘economic model.

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