A theoretical construct designed to analyse the behaviour of economic agents using quantitative and logical methods.
A simplified system used to simulate some aspects of the real economy, essential for understanding economic phenomena and policy implications.
The set of allocations that satisfies all the constraints in an economic model.
An economic model in which quantities are fixed in the short run, and prices adjust faster than quantities.
A situation where an economic model has multiple possible equilibria configurations.
In an economic model, a quantity which is taken as given by an economic agent in their decision-making process.
