Economic thinking
The ideas and principles that aim to describe how economies work: Basic economic theory states that if wages are too high, economic growth will suffer [Cambridge Dictionary].
The economic way of thinking examines how people make choices under conditions of scarcity and systems of production, consumption, and distribution. It also examines the effects of government policy and actions on market outcomes. The economic way of thinking provides a decision-making framework for individuals, firms, and policy-makers. This course aims to provide students with a solid understanding of basic (micro)economic principles and the ability to apply those tools and ideas. Topics include comparative advantage, consumer and firm decision-making, supply and demand, market structure, international trade, and market failure [Australian National University].
A way of looking at and analyzing the way the world works by comparing the cost of action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem [Encyclonomic WEB pedia].
Cambridge Dictionary. Economic thinking. Retrieved from: https://dictionary.cambridge.org/dictionary/english/economic-theory
The economic way of thinking. Australian National University. (2019) Retrieved from: https://programsandcourses.anu.edu.au/2019/course/pogo8016
Economic thinking. Encyclonomic WEB pedia. Retrieved from: https://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=economic+thinking