Modeling refers to designing and manipulating a mathematical representation that simulates an economic system or corporate financial application to study and forecast the effects of changes.
Scale is a versatile term often employed across multiple fields such as economics, labor, and modeling. In economics, scale pertains to the level of production efficiency as the volume of production changes. In labor, it denotes standardized wage rates for specific job types, such as those determined by union agreements. In modeling, scale signifies the relationship between the dimensions of a representation and the actual object.
The concept of scale relationship involves comparing objects, values, or phenomena using pre-defined scales, as well as determining proportions between model dimensions and real dimensions.
