Simulation Is Not Strictly a Type of Model; Models Generally

question 35

Short Answer

Simulation is not strictly a type of model; models generally represent reality, whereas simulation typically ________ it.

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Definitions:

Total Product

The overall amount of products or services generated by a company during a specified timeframe.

Average Product

The output per unit of input, calculated by dividing total output by the total quantity of input.

Production Technology

Techniques, equipment, and software used in the production of goods and services.

Quantitative Relationship

A relationship that can be expressed as a mathematical equation, showing how changes in one variable affect another quantitatively.