Explain the roles of economics theory, Microeconomics

Assignment Help:

Explain the roles of economics theory.

Roles of Economic Theory

An economic theory has three probable roles:

a. This can be used to describe economic behavior and economic phenomena into the real world.

b. This can make scientific predictions or deductions regarding possible outcomes and effects of adopted economic mechanisms while economic environments and individuals’ behavior are suitably described.

c. This can be used to refute faulty objectives or projects before they are actually undertaken. When a conclusion is not probable in theory, then this is not possible into a real world setting, as long as the assumptions were approximated realistically.


Related Discussions:- Explain the roles of economics theory

Achievements of bretton woods instittutions, ACHIEVEMENTS OF BRETTON WOODS ...

ACHIEVEMENTS OF BRETTON WOODS INSTITTUTIONS: Some of the important achievements of the BW Institutions can be summarised as follows: 1) International reserves have increa

Value of intermediate products, Value Added:Value added in a particular sta...

Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o

Homework help question! , You have just been hired by your city’s departmen...

You have just been hired by your city’s department of health. Your first task is to use cost-benefit analysis to evaluate a smocking awareness program that the department has been

Explain how a perfact market responds to changes in consumer, explain how a...

explain how a perfact market responds to changes in consumer demand?

Second Best, What is the theory of second best

What is the theory of second best

Japanese and American production, What is the graph of the production possi...

What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can p

Profits, explain abnormal profits and normal profits

explain abnormal profits and normal profits

Market structures, Explain the monopolistic competition model of equilibriu...

Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model

Cropping pattern over time, Cropping Pattern Over Time: The dominance ...

Cropping Pattern Over Time: The dominance of food crops and among food crops that of rice and wheat only states the existing cropping patterns. It is important to study the tr

Garrisons capital-based macroeconomics, Consider an economy with high innov...

Consider an economy with high innovative potential, but where saving is insufficient to fund innovative investments. Use Garrison's capital-based macroeconomics to explain how more

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd