Question: An economic model involves making assumptions to simplify a real world scenario making sure all variables that goes into a choice is accounted for finding

An economic model involves making assumptions to simplify a real world scenario making sure all variables that goes into a choice is accounted for finding the most complicated way to analyze an issue a supercomputer calculating every variable that can affect a choice

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1. Background knowledge of the subject and

4. What specific changes in the environment have taken place in relation to the information we have collected?

2. The purpose of the acquisition of the information.