Economic theory: meaning, definitions and examples
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economic theory
[ ˌiːkəˈnɑːmɪk ˈθɪəri ]
study of
Economic theory is the study of how societies use resources to produce and distribute goods and services. It provides a framework for understanding the behavior of individuals, businesses, and governments in relation to the economy.
Synonyms
economic model, economics
Examples of usage
- Economic theory helps economists analyze the impact of policies on the economy.
- Studying economic theory can help us predict how changes in government regulations will affect businesses.
Translations
Translations of the word "economic theory" in other languages:
🇵🇹 teoria econômica
🇮🇳 आर्थिक सिद्धांत
🇩🇪 Wirtschaftstheorie
🇮🇩 teori ekonomi
🇺🇦 економічна теорія
🇵🇱 teoria ekonomiczna
🇯🇵 経済理論
🇫🇷 théorie économique
🇪🇸 teoría económica
🇹🇷 ekonomik teori
🇰🇷 경제 이론
🇸🇦 نظرية اقتصادية
🇨🇿 ekonomická teorie
🇸🇰 ekonomická teória
🇨🇳 经济理论
🇸🇮 ekonomska teorija
🇮🇸 hagfræðikenning
🇰🇿 экономикалық теория
🇬🇪 ეკონომიკური თეორია
🇦🇿 iqtisadi nəzəriyyə
🇲🇽 teoría económica
Word origin
The history of economic theory can be traced back to ancient civilizations, where thinkers like Aristotle and Plato discussed economic principles. However, modern economic theory as we know it today began to develop in the 18th century with the works of Adam Smith, David Ricardo, and others. Since then, economic theory has evolved significantly, with various schools of thought such as Keynesian economics, neoclassical economics, and behavioral economics shaping the field.