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An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
In marketing, the whole product concept is the third iteration of a model originally developed by Philip Kotler, a professor at the Kellogg School of Management at Northwestern University. In his book entitled “Marketing Management” Kotler drew attention to the fact that consumers purchase more than the core product itself. And ...
Ideally, a techno-economic model represents the best current understanding of the system being modeled. The following are examples of typical uses. Evaluating economic feasibility: TEA can be used to anticipate whether a process will be sufficiently profitable under a certain set of assumptions. It can thereby help companies to avoid pursuing ...
Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between ...
Open-source economics is an economic platform based on open collaboration for the production of software, services, or other products. First applied to the open-source software industry , [ 2 ] this economic model may be applied to a wide range of enterprises.
"Free and open-source software" (FOSS) is an umbrella term for software that is considered free software and/or open-source software. [1] The precise definition of the terms "free software" and "open-source software" applies them to any software distributed under terms that allow users to use, modify, and redistribute said software in any manner they see fit, without requiring that they pay ...
In project management under the PRINCE2 methodology, a product breakdown structure (PBS) is a tool for analysing, documenting and communicating the outcomes of a project, and forms part of the product based planning technique.