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What is an Economic Model? - Definition & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

All of the following are uses of economic models EXCEPT?

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1. A hypothetical construct that represents economic procedures using a set of variables in logical and/or quantitative relationships is a/an:

2. TRUE or FALSE. All economic models are foolproof; the results are always conclusive.

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About This Quiz & Worksheet

Economic models are an important tool for understanding the more complicated aspects of economic systems. This quiz will assess you on some facts about them. Some things you'll be tested on include uses and examples of economic models.

Quiz & Worksheet Goals

Topics these resources cover also include:

  • How economic models are used
  • Hypothetical representations of economic procedures
  • How conclusive economic models are
  • Constructing production possibility frontiers

Skills Practiced

  • Information recall - make sure that you can accurately recall some of the lesson's main points on examples of economic models
  • Defining key concepts - draw from your understanding of the topic to define some of the lesson's main terms, such as production possibility frontier
  • Knowledge application - use the information you've learned from the lesson to answer the assessment questions on how economic models used

Additional Learning

Go over some more information on economic models with the attached lesson called What is an Economic Model? - Definition & Example. Additional topics this lesson covers are:

  • The 5 reasons economic models are used
  • Distinguish between different economic models
  • Issues with economic models
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