Economists use economic models to make assumptions about
behavior of consumers as well as the market. Consider the models the
Circular-Flow Diagram or Production Possibilities Frontier (PPF) and explain
how it relates to your life.
The process has the potential to replicate our daily, weekly, and/or monthly activities, similarities can be closely aligned with that of a calendar. Additionally, if may also be used as a bench maker in which a visual representation can very easly be cognitively followed.
Oct 18th, 2014
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