Economic patterns help economists make forecasts, which are also called ______

Question: Economic patterns help economists make forecasts, which are also called ______

Answer: Projections.

Projections mean a hypothesis of the future economic events and trends based on the time series analysis of historical reference. Economy experts deal with such economic variables as GDP expansion, employment increased, inflation, interest rates and consumer expenditure, which is useful to identify general tendencies. Through observing these patterns and seeking to explain their forces, economists form reasonable estimates for how the whole economy might act in the future. Therefore, these projections are used by firms, governments and regulators for planning aspects such as investment, supply, employment and fiscal and monetary policies. Nevertheless, what should be mentioned is that such statements are not final or deterministic as a few variants can significantly affect the predicted result.