Meaning of the word "economic model" in English
What does "economic model" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
economic model
US /ˌiːkəˈnɑːmɪk ˈmɑːdl/
UK /ˌiːkəˈnɑːmɪk ˈmɑːdl/
Noun
1.
a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them
Example:
•
The government used an economic model to predict the impact of the new tax policy.
•
Building an accurate economic model requires extensive data and complex calculations.
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