An economic model definition is that it is a construction that visually illustrates the relationship between variables in an economy. It is a hypothetical construct that uses a set of variables to ...

Learn about the circular flow of economic activity and see how it enables the flow of money. Understand the three-sector circular flow model with government.

Learn the definition and significance of the circular flow model in economics and how it applies to real life. Understand and be able to apply the...

Rostow's Stages of Economic Growth, or Rostow's Modernization Model, was published in 1960, detailing the steps that should be taken by a country to properly develop.

Explore the economic model, its uses, and examples in this simplified yet effective lesson. Watch now to see why Study.com has thousands of 5-star reviews!

Learn about the Classical Model and the Keynesian Model of the economy. Study Classical economics versus Keynesian economics and understand their differences.

Economic models are condensed examples of economic properties that are used to analyze and predict economic variables. Explore models of...

Learn about the production possibilities curve. Examine the law of increasing opportunity cost and discover how to interpret a PPC graph with examples.

Study the definition of classical economics. Understand how classical economic theory is applied, and review classical economists and their contributions.

In economics, the circular flow model demonstrates how resources, money, credit, goods, and services move through the economy. Learn more about this concept's definition and look at …