Which are the three ways of representing economic information
Answers
There are four types of models used in economic analysis, visual models, mathematical models, empirical models, and simulation models. Their primary features and differences are dis- cussed below
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Explanation:
Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics: It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions. These special characteristics (as compared with other types of goods) complicate many standard economic theories.[1]
The subject of "information economics" is treated under Journal of Economic Literature classification code JEL D8 – Information, Knowledge, and Uncertainty. The present article reflects topics included in that code. There are several subfields of information economics. Information as signal has been described as a kind of negative measure of uncertainty.[2] It includes complete and scientific knowledge as special cases. The first insights in information economics related to the economics of information goods.