The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable and superior in quality and reliability.
Definition of simulate. simulated. ; simulating. transitive verb. 1 : to give or assume the appearance or effect of often with the intent to deceive : imitate. 2 : to make a simulation of (as a physical system)
Theory = a proposed system of ideas indended to explain something. Model = a (probably simplified) description of that system, which allows theoretical predictions to be made and tested (either providing evidence for or against the theory). Therapy = A treatment of a disorder in light of a theory and model.