Economic models are used to predict and explain economic behavior through simplifications of reality using diagrams, words or equations. There are different types of economic models including physical models using visual representations, analog models where one system represents another, and symbolic or mathematical models expressing relationships through equations. Symbolic models can be quantitative using statistics, allocation models optimizing objectives, scheduling models determining sequences, waiting line models for customer arrival, or simulation models using random or historical numbers. Economic models are judged on their predictive accuracy though based on assumptions that abstract reality.

8. DB-9 pin Connector: DB-9 pin Connector: