About this document
Overview of Economic Theory Concepts by Lawrence Gabrielle Bernales is a document available to read on EtoBox.
Economic theory provides economists with analytical tools to study economic phenomena in the real world. It can be defined as a "box of tools" used to construct models of the economy. Alfred Marshall defined economics as the study of how people and societies work to attain material well-being, while Lionel Robbins defined it as studying human behavior relating scarce means to unlimited wants. Economic theory assumes perfect knowledge and rational behavior but overlooks other factors influencing decisions.
- Author
- Lawrence Gabrielle Bernales
- Language
- EN