What is meant by the descriptive economy?

Economic theory uses descriptive economics to make a series of statements related to the cause and effect of social and economic phenomena. For example, an economic theory could be "people will buy less of a product if the price goes up." Economists would then observe after the price increase whether or not cigarette sales declined. Economists use a process called "inductive reasoning" to bridge the gap between the gathering of facts, or "descriptive economics," and the interpretation and generalization of data or "economic theory."

Simply, descriptive economy deals with collecting and compiling data about the economy.

Whereas the economic theory deals with the interpretation of this data and the formation of hypotheses, descriptive economics on the other hand occurs when economists make observations, notice patterns and record facts.

Economic theory is a set of related statements about the cause and effect of economic and social phenomena.

For example, if the price of something goes up, people will buy less of it.

Capping the branch of economics that tries to describe economic realities particular subject and interpretation, without depth in the logical analysis of the causes and consequences; as the descriptive economy, including, for example, the monetary system or land tenure system description, etc. In any economic community ; the theoretical or analytical economics, Fasgel value theory or the theory of money or rent or other economic theories theory.

Descriptive economics is the branch of economics and is concerned about societal analysis based upon statistical data. Focus is on the ability to find relevant statistical data for a certain societal area, create aggregated statistics, present the statistics, describe and explain trends based upon the societal analytical method.

Descriptive Economics, or Positive Economics, is the branch of economic inquiry that analyzes and explains economic phenomena as they are, without making any statements about how they ought-to be.

Descriptive economy is : a one of economy models. aims of Descriptive economy or positive economy is searching in nature of things, or what is the object. And the use of models in order to derive the theories, and laws, and rules that depict the relationship between economic factors are often formulate these relationships using mathematical methods and graphs. And the relationship between economic factors correlate if two events are changing in the same direction but if events wire opposite directions. In this case, the relationship between them is an inverse relationship.

For example, trying to identify the factors that explain the desire of companies in the recruitment of staff, was due, for example, to the need to sell more products.

Descriptive economics is the study of economic reality and why the economy operates as it does.

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Descriptive economics involves compiling data about the economy; economic theory involves attempts to generalize about the data and interpret them.