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Explain What Is Meant By The T
Word count: 1268 | Approximate pages: 5
erm “an economic model” and outline a model of price and output determination in a free market. Examine the effect of a change in real disposable income on equilibrium price and output.
An economic model or theory is a simplified explanation and analysis of economic behaviour. It allows us to predict, and therefore intervene, if we do not like the outcome of a possible chain of events.
Theories and models are mainly derived from past responses to similar stimuli or from statistical surveys, and this information may not always be accurate a ....
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