Economic modelling
What Economic modelling means in Economics A-Level, as defined for AQA.
Definitions of Economic modelling
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Reference: AQA
Economic models are often less precise than natural science models, requiring economists to interpret complex data rather than relying on exact, replicable experimental results.
Using economic models to explore economic behaviour and further develop appreciation of the behaviour of firms.
Building models and theories based on assumptions to simplify reality and predict outcomes.
Topics that use Economic modelling
- Competition policy (AQA A-Level)
- Economic methodology (AQA A-Level)
Related terms
- Ceteris paribus
- Consumer welfare
- Firm behaviour
- Government failure
- Market efficiency
- Monopoly power
- Normative economics
- Normative statement
Using Economic modelling in the exam
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