To abstract from reality in an economic model means that
A) we include only a few of the essential aspects of reality.
B) the economic study surveys only a very limited period of time.
C) we include only those elements which support our hypothesis.
D) the model includes every aspect of the real world.
E) the model examines the actions of the consumers in the absence of producers and the government.

Question

Quizplus · Accepted Answer

To abstract from reality in an economic model means to simplify the complex reality by including only a few of the essential aspects, as including all elements of the real world in a model is not possible or practical.

To Abstract from Reality in an Economic Model Means That