Aspects of basic analytical frameworks in modern economics, Microeconomics

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What are the basic analytical frameworks of modern economics?

The fundamental analytical framework of modern economics:

The fundamental analytical framework for an economic theory comprises five aspects or steps as follows:

a. Requirement of economic environments,

b. Imposition of behavioral assumptions,

c. Adoption of economic institutional arrangements,

d. Determination of equilibrium, and

e. Estimate of outcomes resulting through an undertaken institution.

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