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The very best models have an unusual combination of characteristics. They are both

The very best models have an unusual combination of characteristics. They are both

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The very best models have an unusual combination of characteristics. They are both useful and simple.

An economic model is a simplified version of reality that allows us to observe, understand, and make predictions about economic behavior. The purpose of a model is to take a complex, real-world situation and pare it down to the essentials. If designed well, a model can give the analyst a better understanding of the situation and any related problems.A good model should be simple to understand but it should contain all the important information.

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