Which of the following is true regarding this economic model

Asked by admin @ in Business viewed by 344 People

Which of the following is true regarding this economic model? In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. This PPF is not an economic model.

Answered by admin @


Answer:

The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts.

Explanation:

Economic model -

It is the theoretical construction of the economic processes , with the help of economic variables , is known as the economic model .

The concepts of economics are better visualized by using economic models , which consists of structural parameters .

hence , the correct statement regarding economic model is the third one .


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