Micro economics 2025 - Study guides, Class notes & Summaries

FAML 400 Exam practice Questions and Answers What is a theory? - Answer-1. set of ideas that guide our thinking 2. set of concepts and propositions that allow us to describe and explain some aspect of an experience 3. theorizing is the process of systematically formulating and organizing ideas to understand a particular phenomenon. In addition, a theory is a set of interconnected ideas that emerge from this process. What are the basic functions of a theory? - Answer-1. Increase knowledge: ...