Economic theory is the complex of studies about national or global economy and resource management and organization of the process of production.
Economic theory touches upon all the important issues related with economy and global economic structure – the effective use of natural and human resources; the distribution, sale, transportation of resources, goods and services; etc. Economics is the ancient study which appeared already in the Ancient Greece, because the first civilizations devoted much time to the development of their economy and tried to establish some useful and constructive laws and rules which would maintain the quality of the economic processes. Economic theory is a more developed and serious discipline which occurred not so long ago and it embraces all the laws and principles of their functioning in the borders of national and international economies. A great number of prominent economists devoted many efforts to generate the useful rules and explanations towards the economic processes which are more or less stable.
It is possible to observe economic theory from the point of view of different schools on economics, as every school has its own explanation of the processes, their order, their problems and solutions. The theory has the detailed information about micro- and macroeconomics observing the problem from the local, regional, national, international and global perspective. Then, the theory tries to provide experts with the answer on what goods and services to produce, how to produce them and in what quantities to produce them. Such important issues as supply and demand are also observed by economic theory.
Economic theory is the discipline which embraces a great number of problems related with production and management of the capital under the influence of politics and social issues. The student can pay attention to the facts on economic theory trying to generate some interesting and thought-provoking problems for the writing of a research project. The proposal should contain the detailed list of the questions, points and aspects which are worth investigation; methods used for the research and the purpose of writing. The student can also share his expectations and predictions concerning the results of the research evaluating the chosen points on economic theory objectively.
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