IPA: //prækˈsiː.ə.lə.dʒi//
KK: /præksɪˈɒlədʒi/
The study of how people act and make decisions in various situations.
Praxeology helps us understand the choices individuals make in their daily lives.
Praxeology is formed from "praxis" (from Greek "πρᾶξις", meaning action or practice) and "-ology" (from Greek "λογία", meaning the study of). The word refers to the study of human action and conduct.
Think of 'praxis' meaning action, and '-ology' meaning the study of — so praxeology is the study of actions.