What is economic theory, Microeconomics

Assignment Help:

What is Economic Theory?

An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanations and/or predications as conclusions which are derived by the assumptions and the analytical framework.

As any science, economics is relate along with the explanation of observed phenomena and also creates economic predictions and assessments based onto economic theories.

Economic theories are improved to describe the observed phenomena into terms of a set of fundamental assumptions and rules.


Related Discussions:- What is economic theory

Rent, determination of rent

determination of rent

Intro to economic thinking, There are 2 brands of cell phones that are almo...

There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate. Part I Draw the demand curve for the A-Phone. Explain

Differentiate between a firm and a market, 1 Differentiate between a firm a...

1 Differentiate between a firm and a market. 2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand c

Explain supply and demand diagrams, During the 1990s, technological advance...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of

Survey methods, Survey Methods: The most direct method of forecasting dema...

Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the

Supply, concept of supply and the factors that affect the supply

concept of supply and the factors that affect the supply

Microeconomics, characteristics of microeconomics

characteristics of microeconomics

Economic theory, Much of undergraduate macroeconomic theory is discussed on...

Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic varia

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