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8 Cards in this Set

  • Front
  • Back
An economic model is..
..a theoretical depiction of a situation, real oe hypothetical, in the form of a set of relationships.
Two main forms of economic models and the further 4 subdivsion types.
- axes diagrams or graphs
- flow diagrams

- unspecified equations
- specificed equations
Def. time series
GIves a sequence of values of variables recorded at intervals in time.
What does cross-section data measure?
differences in the value of a variable for different sections of society at the same point in time.
Nominal values
The actual amounts of money involved in the economy.
Real vaues in an economy
measure the volume of goods that meny will buy. They are said to be at base year prices or constant prices.
Endogenous variable
Variable explained within a theory
Exogenous variable
Determeined by forces outisde the theory. could be weather for example.