what is economic model?
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Economic model is that model which a economists use to communicate the current economic conditions which is going in the country.
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Economists use the simplified structures built on theoretical concepts representing any economic process with the usage of wide array set of variables and quantifying it by establishing various relationships among them.
These simplified constructs, used for prediction of future outcomes are known as economic models.
There are mainly four types of models used for economic analysis which include visual, empirical, mathematical and simulation.
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