Models are often used to describe scientific reasons for economic behavior. There are several different models which help people to understand economics. The first of which is a chart. Charts can be used to represent statistics. This data is presented in a visual format so as to create an easy visual to coincide with empirical data. A good example of a chart is a pie chart. This is a circular model which is divided into …
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showed last 75 words of 668 total
…certain products, choose to save their money, or why others decide to invest their capital. Mings, Turley. The Study of Economics Principles, Concepts, and Applications. 5th ed. Guilford, Connecticut: Duskin Publishing Group, 1995. Foley, Duncan K. Find Articles. Summer 2004. March 1, 2006. <http://www.findarticles.com/p/articles/mi_m2267/is_2_71/ai_n6157396> Johnson, Paul M. A Glossary of Political Economic Terms. 2005. <http://www.auburn.edu/~johnspm/gloss/systems_theory>