economic model
US /ˌiːkəˈnɑːmɪk ˈmɑːdl/
UK /ˌiːkəˈnɑːmɪk ˈmɑːdl/
1.
a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them
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The government used an economic model to predict the impact of the new tax policy.
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Building an accurate economic model requires extensive data and complex calculations.