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What are the basic analytical frameworks of modern economics?
The fundamental analytical framework of modern economics:
The fundamental analytical framework for an economic theory comprises five aspects or steps as follows:
a. Requirement of economic environments,
b. Imposition of behavioral assumptions,
c. Adoption of economic institutional arrangements,
d. Determination of equilibrium, and
e. Estimate of outcomes resulting through an undertaken institution.
What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and w
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