Economists build models to identify relationships between variables and thus help them predict the effects of...

 

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Economists build models to identify relationships between variables and thus help them predict the effects of changes in some variables on others. In the following table, identify the economic model-building process by selecting the appropriate labels from the dropdown menus. Step 1 Step 2 Step 3 Step 4 Model-Building Process In order to be useful, models require assumptions. Economists build models to identify relationships between variables and thus help them predict the effects of changes in some variables on others. In the following table, identify the economic model-building process by selecting the appropriate labels from the dropdown menus. Step 1 Step 2 Step 3 Step 4 Model-Building Process In order to be useful, models require assumptions.