Asked by Tyrik Lawson on Jun 28, 2024
Verified
Economists use models to explain real-life situations because:
A) such models tend to be exactly what is occurring in each situation.
B) assumptions found in such models tend to make analyzing the situation more difficult.
C) simplifications and assumptions often yield results that can help to explain the more difficult real-life situations.
D) real-life situations are not relevant to the building of models.
Real-Life Situations
Scenarios or events that occur outside theoretical or simulated environments, involving genuine contexts and conditions.
Economists
Professionals who study, develop, and apply theories and concepts from economics and write about economic policy.
- Identify the role and rationale behind economic models and simplifications.
Verified Answer
VR
vinny ruggieriJun 30, 2024
Final Answer :
C
Explanation :
Economists use models with simplifications and assumptions because they are able to yield results that can help to explain real-life situations, even if the model itself is not an exact representation of the situation.
Learning Objectives
- Identify the role and rationale behind economic models and simplifications.