10 Interesting Fact About Economic theories

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• Economic theory is a thought that explains how people, companies, and the government make decisions about how they should use the available resources.
• Economic theory begins with Adam Smith, who published a book called The Wealth of Nations in 1776.
• Economic theory has developed into a broad discipline with a variety of different approaches to explain and understand economic behavior.
• Economic theory can be divided into two main sub-disciplines, namely microeconomic theory and macroeconomic theory.
• Microeconomic theory tries to explain how individuals and companies make decisions about expenses, production and prices of goods and services.
• Macroeconomic theory tries to explain how an economy as a whole is functioning, by looking at growth, inflation, unemployment, and exchange rate.
• Economic theory can also be divided into several main streams, namely the flow of keyensian, neo-keynesian, monetarist, and neoclassical.
• Economic theory has developed into a broad and complex discipline, which combines mathematical concepts, statistics, and social sciences to understand economic problems.
• Economic theory has also developed into a broad and complex discipline that studies how various factors can affect economic growth, inflation, and others.
• Economic theory has become one of the most popular disciplines in universities around the world, and has helped decision makers in various fields.