(1) A representation of how something works. (2) For purposes of appraisal, a representation (in words or an equation) that explains the relationship between value or estimated sale price and variables representing factors of supply and demand.
Representation or description of a system, theory, process, workflow or other phenomenon (e.g. model of an atom, an economic model). A model may attempt to represent how a system or other phenomenon works or functions. For example, computer models are representations of the various relationships among events, processes or values. A model is made up of one or more Methods.