Asked by Avery Harris on Jun 29, 2024
Verified
A simplified version of reality that is used to clarify economic situations is called a(n) :
A) economic fact.
B) current event.
C) model.
D) scarce resource.
Economic Model
A simplified representation of economic processes, used to analyze and make predictions about economic behavior.
Economic Policy
A set of principles and practices employed by government to influence the economy, involving decisions on taxation, government spending, and monetary issues.
- Learn to appreciate the formation and significance of economic models as tools for simplifying complicated real-world phenomena.
Verified Answer
JK
janaki kadamJun 30, 2024
Final Answer :
C
Explanation :
A model is a simplified version of reality that is used to clarify economic situations. Economic facts are actual real-world observations and data, while current events refer to present-day happenings. Scarce resources are any resources that are limited in availability or quantity.
Learning Objectives
- Learn to appreciate the formation and significance of economic models as tools for simplifying complicated real-world phenomena.