The Basic Economic Model

Thorsten Hens and Sabine Elmiger
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Thorsten Hens: University of Zurich
Sabine Elmiger: University of Zurich

Chapter 3 in Economic Foundations for Finance, 2019, pp 11-24 from Springer

Abstract: Abstract In the basic economic model, there are two types of participants, households and firms, who interact via two markets, the goods market and the labor market. Throughout the book we assume that the large number of individual households and firms in the economy can be pooled together and modeled as one representative household and one representative firm.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-05427-4_3

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DOI: 10.1007/978-3-030-05427-4_3

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