A socioeconomic model tells you more than an economic model does, so in most cases I would say the socioeconomic model is better.

This model could be a basis or pattern for the generations to come. Using the model economic status could easily be identified.

# Should an economic model describe reality exactly?

the four economic models are as follows:

two sector models

three sector model

four sector model

five sector model

A popular model is the free market, where the market has no government intervention or regulation.