An Economic Model

question 20

Multiple Choice

An economic model

• A) uses equations to understand normative economic phenomena.
• B) often omits crucial elements.
• C) simplifies reality in order to focus on crucial elements.
• D) cannot be proven wrong.

---

Definitions:

OXFAM

An international confederation of charitable organizations focused on the alleviation of global poverty.

Global Social Inequality

The existence of unequal opportunities and rewards for different social positions or statuses within a group or society on a global scale.

Richest 20%

The term "richest 20%" usually refers to the wealthiest twenty percent of a population in terms of income or wealth, highlighting economic disparities within societies.

Panhandles

A geographic term used to describe a narrow extension of a territory or state projecting from its main body, resembling the handle of a pan.