Business Microeconomics
Simulation modeling is a technique used to create a digital representation of a real-world process or system, allowing for analysis and experimentation. By mimicking the behavior of various elements in a system, this method helps decision-makers understand complex dynamics and predict outcomes based on different scenarios. This approach is essential in decision-making because it provides insights into how changes in one part of the system may affect the whole, making it a powerful tool for analyzing economic models.
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