Question

Which are the three ways of representing economic information ?​

Answer 1

Answer:

Answer:

There are three types of economic models used in economic analysis.

1) Visual models,

2) Mathematically models,

3) Empirical models

&

4) Simulation model

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Answer 2

The ways to represent are visual models, mathematical models and theoretical models.

• Information is incredibly valuable and important in the field of economics. Removing risk and uncertainty enables people to make wiser decisions that will result in higher returns.
• The models help to represent economic information precisely.
• Visual models are graphs with lines and curves that depict an abstract economy and convey economic information.
• Whereas the goal of theoretical models is to draw provable conclusions regarding economic behaviour considering maximising certain goals while taking into account model limitations (for instance, an agent's budget).
• The use of mathematical models in economic modelling is quite extensive and complicated.
• It is mostly employed in the computation and analysis of macroeconomics between elements of production, between capital and labour, and in the field of microeconomics.

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