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

Utility, how do I calculate for utility

how do I calculate for utility

Multiplier, what is dynamic and static multipler

what is dynamic and static multipler

How might governments lower the natural rate of unemployment, How might gov...

How might governments lower the natural rate of unemployment? An easy way to organise the answer is to separate possible solutions into two broad groups; interventionist and m

Long run equilibrium - perfect competition, Long run equilibrium - Perfect ...

Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig

Capital, Capital: Broadly defined, capital represents tools that people use...

Capital: Broadly defined, capital represents tools that people use when they work, to make their work more efficient andproductive. Under capitalism, capital can also refer to a su

Monopoly, how is monopoly different from opligopoly

how is monopoly different from opligopoly

Analyzing market product or services, Rationale of Group Project Group...

Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.

Perfect competition, When should a firm shut down production in the short r...

When should a firm shut down production in the short run?

MS6012 A01, Analyze the sustainable approach to waste reduction developed b...

Analyze the sustainable approach to waste reduction developed by the company you selected. Include the following: Its products Previous methods of production The way it implemented

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