Differentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?

/in /by

Differentiate between an exogenous variable and an endogenous variable
in an economic model? Why isn’t it useful to construct an economic
model that contains only exogenous variables (and no endogenous
variables)?

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