facility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).acility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).
While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
A mathematical model was also used to analyse the impact of food. insecurity on the terms of trade of nations, data generated were also subjected to statistical analysis using the. step wise regression model to ascertain the real effects of food insecurity on the terms of trade. Results also. show a very high significant effect.