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Economic Model
A theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.
Simplified
Made easier to understand or do; reduced in complexity.
Reality
The state of things as they actually exist, as opposed to how they may appear or may be thought to be.
Invisible Hand
A metaphor introduced by Adam Smith to describe how individuals pursuing their own interests unintentionally benefit society as a whole.
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