The UK’s economic model consists of capitalism, the profit motive, & a free market environment. In the domain of economics, an economic model refers to the theoretical framework which represents the economic processes by taking into account various variables and constants. However, there are some limitations of economic models. Most economic models make use of assumptions that cannot be considered as totally realistic.
Hence, no prediction made by an economic model could be 100% accurate. Hence, one needs to consider the deviation that is possible from actual results all because of these inaccuracies. Nevertheless, it still provides a reference to look at
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