A good economic theory:

Group of answer choices:

O bears no relation to reality.

O is based on normative statements.

O focuses on the unique aspects of each situation.

O approaches reality in all its complexity.

O involves some simplification of reality.

The correct answer is the option 3: focuses on the unique aspects of each situation.

Explanation:

To begin with, the economic theory is divided in two, the positive economics and the normative economics. Moreover, the second part focuses in the political part of the economy and its main purpose is to established ideas that ought to be and therefore that this part works with value judgments that sometimes tends to stumble the good model of theory.

In conclusion, a good economic theory must focuses on the unique aspects of each situation avoiding the fact that previous similar situation may have occured in the past, because if the economist do not avoid the fact that a similar situation occured before then he might want to act in the same way regarding the fact that it might have worked out well then but if he did that it might not work out well now.