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Economists build models to identify relationships between variables and thus help them predict the effects of changes in some variables on others.
Identify the economic model-building process by selecting the appropriate labels from the dropdown menus in the table below.
Step 1 Impose complications
Step 2 Model development
Step 3 Problem identification
Select variables
Testing a theory
In order to be useful, models require___assumptions.

Respuesta :

Answer: See explanation

Explanation:

Based on the information that's given above, the economic model-building process will be:

Step 1: Problem identification

Step 2: Model development

Step 3: Testing a theory

An economic model simply means a simplified version of reality which enables Economist to be able to observe, and make forecast with regards to economic behavior.

Lastly, in order to be useful, models require (simplifying) assumptions.

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