Economic theory
Economic Theory
Economic theory (pronunciation: /ˌiːkəˈnɒmɪk ˈθɪəri/) is a broad concept for the explanation and understanding of the movement of goods in a market. The origins of the term are derived from the Greek words "oikos", meaning house, and "nomos", meaning law.
Economic theory is a broad field that encompasses many different theories, including microeconomic theory, macroeconomic theory, game theory, and international economic theory. These theories seek to explain different aspects of economic behavior and phenomena.
Microeconomic Theory
Microeconomic theory (pronunciation: /ˌmaɪkrəʊ.iː.kəˈnɒm.ɪk ˈθɪəri/) focuses on the economic behavior of individuals and firms. It seeks to understand how individuals make decisions about consumption and production, and how firms decide on output, pricing, and investment.
Macroeconomic Theory
Macroeconomic theory (pronunciation: /ˌmakrəʊ.iː.kəˈnɒm.ɪk ˈθɪəri/) looks at the economy as a whole. It studies aggregate phenomena, such as inflation, unemployment, and economic growth.
Game Theory
Game theory (pronunciation: /ɡeɪm ˈθɪəri/) is a branch of economic theory that studies strategic interaction, where the outcome for each participant or "player" depends on the actions of all. It is used to model a wide range of situations, from competition and cooperation between firms, to bargaining and conflict resolution.
International Economic Theory
International economic theory (pronunciation: /ˌɪntəˈnaʃənəl iːkəˈnɒmɪk ˈθɪəri/) examines the economic interactions between countries. It studies topics such as international trade, international finance, and economic development.
See Also
External links
- Medical encyclopedia article on Economic theory
- Wikipedia's article - Economic theory
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