An Economic Model Includes

question 2

Multiple Choice

An economic model includes

• A) only normative statements.
• B) no use of marginal concepts.
• C) all known details in order to increase its accuracy.
• D) only details considered essential.

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Definitions:

Stored

Kept or accumulated for future use, referring to anything that can be retained or conserved for a period of time.

Compete

To strive for a goal, such as a prize or higher status, against others by overcoming challenges and obstacles.

Topsoil

The uppermost layer of soil, which has the highest concentration of organic matter and microorganisms, and is where most plant roots grow.

Productivity

The rate at which goods or services are produced, especially in relation to the input of labor, materials, and energy.