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Economic models?
Economic modeling is at the heart of economic theory. Modeling provides a logical, abstract template to help organize the analyst's thoughts. [ The model helps the economist logically isolate and sort out complicated chains of cause and effect and influence between the numerous interacting elements in an economy. Through the use of a model, the economist can experiment, at least logically,
producing different scenarios, attempting to evaluate the effect of alternative policy options, or weighing the logical integrity of arguments presented in prose. Certain types of models are extremely useful for presenting visually the essence of economic arguments. No student of economics has sat through a class for very long before a picture is drawn on a chalkboard. The visual appeal of a model clarifies the exposition. In this text, four primary models will be presented; the Aggregate Supply - Aggregate Demand (AS/AD) Model, the Loanable Funds Model, an HMCMacroSim simulation model, and the IS/LM Model. All but the Loanable Funds model are inclusive models of the national economy. The Loanable Funds Model is a model of the finance markets and is used to discuss interest rate determination theory. ]
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Original conversation
User: Economics involves marginal analysis because?

User: Kara was out jogging and despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara?

User: Which of the following terms implies the least degree of confidence in an economic generalization?

User: Economic models?

Weegy: Economic modeling is at the heart of economic theory. Modeling provides a logical, abstract template to help organize the analyst's thoughts. [ The model helps the economist logically isolate and sort out complicated chains of cause and effect and influence between the numerous interacting elements in an economy. Through the use of a model, the economist can experiment, at least logically, producing different scenarios, attempting to evaluate the effect of alternative policy options, or weighing the logical integrity of arguments presented in prose. Certain types of models are extremely useful for presenting visually the essence of economic arguments. No student of economics has sat through a class for very long before a picture is drawn on a chalkboard. The visual appeal of a model clarifies the exposition. In this text, four primary models will be presented; the Aggregate Supply - Aggregate Demand (AS/AD) Model, the Loanable Funds Model, an HMCMacroSim simulation model, and the IS/LM Model. All but the Loanable Funds model are inclusive models of the national economy. The Loanable Funds Model is a model of the finance markets and is used to discuss interest rate determination theory. ]
Expert answered|bestWeegy|Points 381|

User: Other things equal, which of the following would shift an economy's production possibilities curve to the left?

Weegy: An increase in the proportion of total output that consists of capital or investment goods
Expert answered|bestWeegy|Points 376|

User: The fallacy of composition is essentially the error of?

Weegy: omitting relevant variables in constructing a model.
Expert answered|bestWeegy|Points 376|

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Asked 10/18/2011 10:33:23 AM
Updated 10/19/2011 7:48:29 AM
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what is Nominal GDp User: Historically, real GDP has increased less rapidly than nominal GDP because? User: A competitive market system User: A competitive market system is? User: Between 2007 and 2013, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States?
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Updated 10/18/2011 1:13:19 PM
1 Answer/Comment
What Does Nominal GDP Mean? A gross domestic product (GDP) figure that has not been adjusted for inflation. Also known as "current dollar GDP" or "chained dollar GDP". Investopedia Says Investopedia explains Nominal GDP It can be misleading when inflation is not accounted for in the GDP figure because the GDP will appear higher than it actually is. The same concept that applies to return on investment (ROI) applies here. If you have a 10% ROI and inflation for the year has been 3%, your real rate of return would be 7%. Similarly, if the nominal GDP figure has shot up 8% but inflation has been 4%, the real GDP has only increased 4%. Read more:
Added 10/18/2011 1:13:34 PM
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