Category: Economics

Economics Theory


What is Economics?

In simplest terms, economics is the study of how people choose to use limited resources. The term “resources” refers to things such as money, time, people, talents or knowledge, land, buildings, equipment, tools, crops, minerals, or virtually any other product or service of which there is a limited supply. Thus, economics is the study of the ways in which people make important choices every day regarding how to acquire, sell, and use things of which there is a limited supply.

Approaches to Theory of Demand


BOP Theory of Exchange Rate


Strategy in Game Theory, Types of Strategies in the Game


Strategy in Game Theory is the most significant aspect of the game, since the strategy determines the player’s fate in the game. It is the complete set of action that one player decides to bank on while he/she is plating the game. This strategy aids the player in handling the situation the player is in. The action one player takes during any stage of the game depends on the strategy. A strategy profile is a set of fixed strategies that each and every player decides to employ. A strategy profile consists of only one strategy for each player respectively.