A model makes assumptions explicit so that trade-offs can be reasoned about.
Open the source ↗How to study this source
What does an economic model help us see?
A model makes assumptions explicit so that trade-offs can be reasoned about.
When does a price omit a cost?
A decision can affect people whose costs or benefits are absent from the price.
Ideas and questions
Read background definitions when a term blocks the argument. Then return to the source and reconstruct its claim in your own words.