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English definition of “economic model”

economic model

noun [C]     ECONOMICS
one particular way of organizing an economy: Going forward, the American economic model should not be abandoned, as some advocate.
a theory used for calculating the effect of something on an economy: Ernst & Young's ITEM Club, which uses the Treasury's economic model, says UK GDP will grow by 3.5% this year.
(Definition of economic model noun from the Cambridge Business English Dictionary © Cambridge University Press)
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