Examlex
A movement along the supply curve of a good is caused by a change in:
Qualitative Model
A model that relies on non-numeric data, such as expert opinion or case studies, to analyze and predict outcomes or behaviors.
Degree of Uncertainty
A measure or assessment of the unpredictability or risk associated with a decision, project, or future event.
Human Capital
The combined abilities, expertise, and non-physical resources of people that contribute to producing economic benefits for themselves, their places of work, or their local area.
Simulation
A blend of qualitative and quantitative modelling that incorporates a set of assumptions about relationships among variables in a mathematical algorithm. Simulation can simultaneously model demand and supply, and is very useful for testing the impact of assumptions on the outcome of the model.
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