Making use of an economic model is a process of
◦ solving hundreds of simultaneous equations.
◦ running experiments to determine how changes in the endogenous variables will change the exogenous variables.
◦ running experiments to determine how changes in the exogenous variables will change the endogenous variables.
◦ determining how a closed economy is linked to an open economy.
◦ resolving inconsistencies in the actions of economic agents.