An economic model can be understood as a representation of the real world used to explain economic phenomena, through hypotheses that can be tested.
There are theoretical and empirical classes. The theoretical model aims to verify economic behavior through quantitative answers to questions. The empirical class, on the other hand, analyzes the qualitative predictions of theoretical models.
Therefore, an economic model describes economic behavior through the use of mathematical equations to understand economic phenomena.
The correct answer is:
B. Model
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