Economic Models Are Used to

question 36

Multiple Choice

Economic models are used to

• A) simplify reality to predict outcomes.
• B) exactly replicate reality.
• C) predict all possible outcomes of a study.
• D) determine the thoughts of individuals.

---

Definitions:

Reward Model

A system or framework designed to provide incentives or rewards based on certain behaviors or achievements.

Crowdfunders

Individuals who collectively invest or donate small amounts of money towards a project, product, or venture typically through an online platform.

Prizes

Awards or rewards given for a specific achievement or competition.

Patronage Model

A crowdfunding model where backers do not expect any direct return for their donation or investment.