Explain about a model and use of it in economicsa model is, Ask an Expert

Economics

Explain about a model and use of it in economics.

A model is a simplified demonstration of a real situation which is used to better understand real-life circumstances.

The production possibility frontier (PPF) demonstrates the trade-offs facing an economy which produces only two goods. This demonstrates the maximum quantity of one good which can be produced for any specified production of the other.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9581618

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