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Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
John Maynard Keynes is considered the initiator of macroeconomics when he published his work The General Theory of Employment, Interest, and Money in 1936. Macroeconomics as a separate field of research and study is generally recognized to start with the publication of John Maynard Keynes' The General Theory of Employment, Interest, and Money ...
These results include previously proved theorems, axioms, and—in case of abstraction from nature—some basic properties that are considered true starting points of the theory under consideration. [1] Mathematics is essential in the natural sciences, engineering, medicine, finance, computer science, and the social sciences. Although ...
Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. [1] More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."
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Business mathematics comprises mathematics credits taken at an undergraduate level by business students.The course [3] is often organized around the various business sub-disciplines, including the above applications, and usually includes a separate module on interest calculations; the mathematics itself comprises mainly algebraic techniques. [1]