Erect means build or upright. If you erect a house, you build it. If you stand erect, you hold your body as tall as possible.
A mathematical model is a description of a system using mathematical concepts and language.The process of building a mathematical model is termed mathematical modeling.Mathematical models are used in the natural sciences (such as physics, biology, earth science, meteorology) and engineering disciplines (e.g. computer science, artificial intelligence). mathematical model is a description of a system using mathematical concepts and language.
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.esearch conducted according to this three-question test finds that in the 2004 edition of the Journal of Economic Theory, only 12% of the articles satisfy the three requirements.â Ignoring the fact that the ceteris paribus assumption is being made is another big failure often made when a model is applied.