Economic theories try to explain economic phenomena, to interpret why and how the economy behaves and what is the best to solution - how to influence or to solve the economic phenomena. They are comprehensive system of assumptions, hypotheses, definitions and instructions what should be done in a certain economic situation. In principle, the approach to economic theory is divided into positive and normative.
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Basic knowledge of economics. Study economics now!
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Principles of Economics Textbook by OpenStax MCQ, Essay Questions & Key Terms
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