What are the steps of scientific method of economics?

Answer 1

* identify the problem

*analyze the problem

*give possible alternative solutions

*evaluation of alternative solutions

*implementation of the best solution

*evaluation of the result

Answer 2

The Scientific Method is apart of Science, not apart of Economics. Sorry, please answer my question, now: How_much_does_PURE_brass_cost_per_GRAM

Answer 3

• Defining the concept in a way that can be measured.- this makes it possible to test the theory against fact.
• Hypthesis testing- this refers to tentative statements which attempt to explain how one thing is related another. Its based on observation and assumptions about how the real world works. it must be framed in a manner that allows scientists to test the validity.
• Hypothesis is used to make conclusions- If the hypothesis is correct and certain things are done logically then certain other thongs will follow.
• Hypothesis is tested by considering whether its predictions are supported by fact

Answer 4

1. Identification
2. Early Steps
3. Data Collection and Analysis
4. Conclusions
5. Organization

Answer 5

Empyrical studies of microeconomics and macroeconomics, which are already being constnatly done by statisticians.