{"id":5776,"date":"2016-07-19T18:03:45","date_gmt":"2016-07-19T18:03:45","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/macroeconomics\/?post_type=chapter&#038;p=5776"},"modified":"2016-07-19T18:03:45","modified_gmt":"2016-07-19T18:03:45","slug":"outcome-economic-models","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/chapter\/outcome-economic-models\/","title":{"raw":"Outcome: Economic Models","rendered":"Outcome: Economic Models"},"content":{"raw":"<h2>What you\u2019ll learn to do:\u00a0explain 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\u00a0choices both at the individual level (What wage does Alissa require in order to take that job?) and broader societal level\u00a0(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\u00a0and show how economists use them.\n\nThe specific things you\u2019ll learn in this section include the following:\n<ul><li>Define\u00a0an economic model<\/li>\n\t<li>Explain why\u00a0economic models are useful to economists<\/li>\n\t<li>Identify common economic models<\/li>\n<\/ul><h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul><li class=\"chapter type-1\">Video: Economic Models and Theories<\/li>\n\t<li class=\"chapter type-1\">Reading: Using Economic Models<\/li>\n\t<li class=\"chapter type-1\">Self Check: Economic Models<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do:\u00a0explain 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\u00a0choices both at the individual level (What wage does Alissa require in order to take that job?) and broader societal level\u00a0(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\u00a0and 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\u00a0an economic model<\/li>\n<li>Explain why\u00a0economic 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\">Video: Economic Models and Theories<\/li>\n<li class=\"chapter type-1\">Reading: Using Economic Models<\/li>\n<li class=\"chapter type-1\">Self Check: Economic Models<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5776\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Economic Models. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>text adaptations. <strong>Authored by<\/strong>: Jennifer. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Elasticity. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=slP8XZ6Nq40\">https:\/\/www.youtube.com\/watch?v=slP8XZ6Nq40<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":10,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Economic Models\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Elasticity\",\"author\":\"\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=slP8XZ6Nq40\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"original\",\"description\":\"text adaptations\",\"author\":\"Jennifer\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5776","chapter","type-chapter","status-publish","hentry"],"part":5757,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5776\/revisions"}],"predecessor-version":[{"id":6288,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5776\/revisions\/6288"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/parts\/5757"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/5776\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/wp\/v2\/media?parent=5776"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5776"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/wp\/v2\/contributor?post=5776"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-macroeconomics\/wp-json\/wp\/v2\/license?post=5776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}