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A blizzard hit the Midwest, dropping feet of snow in many areas, knocking out power, and stranding residents. What agency or department of the federal government is expected to take the lead in providing assistance to those affected by the storm?
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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