{"id":42,"date":"2020-03-24T04:51:22","date_gmt":"2020-03-24T04:51:22","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-economic-models\/"},"modified":"2023-05-22T19:20:38","modified_gmt":"2023-05-22T19:20:38","slug":"outcome-economic-models","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-economic-models\/","title":{"raw":"Outcome: Economic Models","rendered":"Outcome: Economic Models"},"content":{"raw":"<h2>What you\u2019ll learn to do:&nbsp;explain how economists use economic models<\/h2>\n<span style=\"color: #000000;\">Earlier we defined economics as the study of how people choose to use scarce resources to best satisfy their unlimited wants. Economists try to analyze these&nbsp;choices both at the individual level (What wage does Alissa require in order to take that job?) and broader societal level&nbsp;(What is the impact of minimum wage on the unemployment rate?). The principal tool economists use to do this is models.\n<\/span>\n\nIn this section, we\u2019ll define models&nbsp;and show how economists use them.\n\nThe specific things you\u2019ll learn in this section include the following:\n<ul>\n \t<li>Define&nbsp;an economic model<\/li>\n \t<li>Explain why&nbsp;economic models are useful to economists<\/li>\n \t<li>Identify common economic models<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul>\n \t<li class=\"chapter type-1\">Reading: Using Economic Models<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do:&nbsp;explain how economists use economic models<\/h2>\n<p><span style=\"color: #000000;\">Earlier we defined economics as the study of how people choose to use scarce resources to best satisfy their unlimited wants. Economists try to analyze these&nbsp;choices both at the individual level (What wage does Alissa require in order to take that job?) and broader societal level&nbsp;(What is the impact of minimum wage on the unemployment rate?). The principal tool economists use to do this is models.<br \/>\n<\/span><\/p>\n<p>In this section, we\u2019ll define models&nbsp;and show how economists use them.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define&nbsp;an economic model<\/li>\n<li>Explain why&nbsp;economic models are useful to economists<\/li>\n<li>Identify common economic models<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li class=\"chapter type-1\">Reading: Using Economic Models<\/li>\n<\/ul>\n","protected":false},"author":32,"menu_order":9,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-42","chapter","type-chapter","status-publish","hentry"],"part":25,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/42","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/42\/revisions"}],"predecessor-version":[{"id":43,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/42\/revisions\/43"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/25"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/42\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=42"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=42"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=42"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=42"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}