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8 Cards in this Set
- Front
- Back
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An economic model is..
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..a theoretical depiction of a situation, real oe hypothetical, in the form of a set of relationships.
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Two main forms of economic models and the further 4 subdivsion types.
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Diagrammatic
- axes diagrams or graphs - flow diagrams Mathematical - unspecified equations - specificed equations |
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Def. time series
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GIves a sequence of values of variables recorded at intervals in time.
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What does cross-section data measure?
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differences in the value of a variable for different sections of society at the same point in time.
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Nominal values
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The actual amounts of money involved in the economy.
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Real vaues in an economy
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measure the volume of goods that meny will buy. They are said to be at base year prices or constant prices.
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Endogenous variable
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Variable explained within a theory
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Exogenous variable
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Determeined by forces outisde the theory. could be weather for example.
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