Just Like Models Constructed in Other Areas of Science,economic Models

question 12

Multiple Choice

Just like models constructed in other areas of science,economic models

• A)incorporate assumptions that contradict reality.
• B)incorporate all details of the real world.
• C)complicate reality.
• D)avoid the use of diagrams and equations.

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Definitions:

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product efficiently.

Business Product

A result of manufacturing or production processes, offered by businesses to meet consumer needs or market demand, ranging from tangible goods to services.