Explain the role of economic theory and answer the question, “what is an economic model?”?
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Frankly this sounds like an answer that is going to use phrases specific to your class's textbook.\n\nTo answer your question: An economic model attempts to simplify complex behavior in a way that can be made understandable.  This will purposefully ignore certain complexities.  It can be shown as a diagram, chart, equation, or something else depending on what is being modeled.   \n\nYour textbook would likely offer insight on how to relate this broad definition of economic model into something that relates to economic theory as your teacher would like it.
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You should read "Rich Dad, Poor Dad". The author thinks exactly the same. The idea is: If we have sexual education, physical education, logic education (mathematics and others), artistic education, handcraft and so many other kinds of education in the same school for the same children, why not teach "daily-life" economics at school?\nPerhaps bankers and credit card companies wouldn't like that very much :)
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These are guesses only ..... to the first question I would guess "services" - think education, health care, travel, food industry, hotels, tourism, etc.\n\nTo the second question I would guess analyzing facts - that makes most sense to me.  \n\nHope this helps.
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Game theory is valuable in decision making in a competitive environment.  It's very relevant to business strategy - specifically, business decisions where competitor reaction is taken into account.  Decisions about pricing, market entry, and new product development all can benefit from game theory.
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I remembered this however, I couldn't be sure so I looked it up for you. is this economics 101, empirical evidence? well if so, here's something to get you pointed in the right direction. \n\nhttp://en.wikipedia.org/wiki/Principal-agent_problem\n\nHope this helps...\n\nKoop and Potter (1999) find evidence in favor of Hamilton s model using Bayesian techniques\nhttp://citeseer.ist.psu.edu/context/109357/0\n\nYou will also find Potter's e-mail address here:\nhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=67808\n\nGood luck.
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check out here http://en.wikipedia.org/wiki/Planned_economy
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I took economics in college.  The professor made an observation you might like:  "If you took all the economists in the world, and put them end to end, you still wouldn't reach a conclusion."
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here's my guess...\n\nHow to allocation natural resources\nHow to allocation labor\nHow to allocation wealth
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You have to consider several aspects.\n\n1. The product\n2. The market\n3. Environement analysis\n4. Organization\n5. Commercial Plan\n6. Economic feasibility\n\nwhat figures, basically, Sales forecasting, Income budget, Profit & Loss, Cash Flow.\n\nRegards,\nAB\nAB.
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business and econmoics is always a good choice for anyone... Even if you dont' end up starting your own business, you learn things most normal people should no anyways, and will always be helpful in life.\n\nYou gotta be willing to deal with theories and rules, and a little bit of numbers.
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Banks play a very important role in an econmy in a few ways\n\n1. It controls the flow of Money thereby curbing Inflation\n2. It provides Loans for improving infrastructure\n3. They help the govenment keep track of money thereby pinpointing Black Money to its owner\n\nFor more info contact Indotan@Gmail.com
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My only guess would be Edward Teller.  The guy was nuts.  Should one argue that Economics is a science, then one would also certainly mention Milton Friedman.
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Explain the business.
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Marketing strategy.\n\nA “market” is a place where people exchange commodities that have value. In return for your valuable services, other people and organizations give you their time, money, and in-kind contributions. To make this possible, you must figure out how to make your products and services valuable, demonstrate this value to the community, and create an exchange process.\n\nHope this helps!
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The Economist has an Economics A to Z section to help you understand various terms.\n\nIts helpful for looing up depreciation, gross, net, etc.
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economics as a sience is an attempt to describe the efforts of various economic theories to explain the complex social interactions which constitute an economy.  economics as an art is a recognition that while ecoomic concepts go some way toward explaining certain forms of economic activity, there is yet to be found any theory which is of any value(economic or other) in predicting future economic activity to any degree.
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Banks lend money to the public which stimulates the economy. when you want a house, you go to the bank to get a loan. Banks lend money and earn interest on the money they give you.  The central bank of an economy helps to determine the intereste rate in a country which determines how fast an economy will grow.