cobweb model

Questions

What does cobweb model mean?

An economic model that ascribes the periodic price fluctuations in certain types of market to cyclical supply and demand where the amount produced must be chosen before prices are observed, and producers' expectations about prices are assumed to be based on observations of previous prices.

Where does cobweb model come from?

So called because it can be represented in a diagram as curves overlaid on a spiral, resembling a spider's web.

How to pronounce cobweb model

1. Open the pronunciation page — Open the Speakur entry for “cobweb model”.
2. Read the phonetic spelling — Read the IPA spelling () so you know which sounds to aim for.
3. Play the audio — Click Play to hear reference audio for “cobweb model”.
4. Repeat and practice — Say “cobweb model” aloud, matching stress and vowels until it feels natural.