Question: What are two important properties of economic models? Models tend to be simplified descriptions of a real-world phenomenon. Does this mean that they are unrealistic?

What are two important properties of economic models? Models tend to be simplified descriptions of a real-world phenomenon. Does this mean that they are unrealistic?

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3. What are two important properties of economic models? Models are often simplified descriptions of a real-world phenomenon. Does this mean that they are unrealistic?

1. 3. What are two important properties of economic models? Models are often simplified descriptions of a real-world phenomenon. Does this mean that they are unrealistic?

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