simplify

(verb)

To make simpler, either by reducing in complexity, reducing to component parts, or making easier to understand.

Related Terms

Examples of simplify in the following topics:

  • Assumptions

    • Economists use assumptions in order to simplify economics processes so that they are easier to understand.
    • Economists use assumptions in order to simplify economic processes so that it is easier to understand.
    • Critics have stated that assumptions cause economists to rely on unrealistic, unverifiable, and highly simplified information that in some cases simplifies the proofs of desired conclusions.
    • Although simplifying can lead to a better understanding of complex phenomena, critics explain that the simplified, unrealistic assumptions cannot be applied to complex, real world situations.
    • Assess the benefits and drawbacks of using simplifying assumptions in economics

  • Behavioral Economics: Irrational Actions

    • The editing stage simplified risky situations using heuristics of choice.

  • Defining Macroeconomics

    • Macroeconomics simplifies the complexities of the trading activities in an economy by distilling actions to primary participants and tracing the circular flow of activity between them.

  • Imperfect Competition and Monopolistic Competition

    • A simplified example is shown in Figure VIII.3.
    • To simplify, assume 3 firms in the market.

  • Price Leadership

    • Economists often simplify firm behavior into two strategies: firm can compete, in which case the market outcome will resemble that in perfect competition; or they can collude, in which case the market outcome will more closely resemble monopoly.

  • Clearing the Market at Equilibrium Price and Quantity

    • This definition requires a variety of assumptions which simplify the complexities of real markets to coincide with a more theoretical framework, most centrally the assumptions of perfect competition and Say's Law:

  • Economic Models

    • Economic models have two functions: 1) to simplify and abstract from observed data, and 2) to serve as a means of selection of data based on a paradigm of econometric study.

  • The Circular Flow and GDP

    • The circular flow is a simplified view of the economy that provides an ability to assess GDP at a specific point in time.

  • Difference Between Economic and Accounting Profit

    • Consider a simplified example of a firm.

  • Causes and Immediate Impacts of the Crisis

    • To simplify this, banks pushed mortgages on prospective home owners who could not afford to repay them.