What Is an Economic Theory or Model? What Constitutes a "Good

question 9

Essay

What is an economic theory or model? What constitutes a "good" economic theory or model?

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Definitions:

Backcountry Farmers

Agriculturalists living in rural, often remote areas of the country, historically known for their self-reliance and small-scale farming.

Subsistence Agriculture

Subsistence Agriculture is a type of farming in which the farmers focus on growing enough food to feed themselves and their families, with little to no surplus for trade.

Agricultural Diversification

The practice of growing a variety of crops or engaging in different agricultural activities to reduce risk and increase sustainability in farming.

Crop-Lien System

A credit system widely used in the Southern United States after the Civil War, where farmers used their crops as collateral for loans, leading to cycles of debt and poverty.