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Model (macroeconomics)

Model (macroeconomics) Definition

A model in macroeconomics is designed to simulate the operation of a national or international economy in terms of factors including the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices.

Such models are used to generate economic forecasts, and to produce what if scenarios, and are widely used by international organisations, national governments and larger corporations, as well as by economics consultancies and think tanks.





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