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What is the 3 method of economic?

deductive method inductive method


What are the steps in inductive method?

The inductive method involves gathering data, observing patterns, and formulating a general hypothesis or theory based on those observations. Then, this hypothesis is tested with further observations or experiments to see if it applies to new situations. Finally, conclusions are drawn based on the evidence collected during the experimentation phase.


What is inductive method of reasoning?

analyze


Proceeding from facts to a conclusion is a method of .?

inductive


What Proceeding from facts to conclusion is a method of what?

inductive


Is the process of drawing conclusions and making predictions from repeated observations?

Inductive Reasoning.


What are the advantages and disadvantages of the inductive method?

An advantage of the inductive method is that it looks at nature to provide information. A disadvantage is that is sometimes goes against human logic.


In inductive method logic proceeds from?

particular to general


How is the scientific method based on Francis Bacon and Rene Descartes?

Both Descartes and Bacon had their own step-by-step methods that were created before the scientific method. The idea of answering scientific or philosophical questions in an ordered way came from Bacon and Descartes and is the basis of the scientific method.


What is inductive and normative methods?

The inductive method refers to a method whereby a new concept is given and then the learner is expected to apply the concept. The normative method on the other hand provides many examples on how a given concept is to be used.


What is deductive and indeductive method according to micro economics?

inductive is when you observe that something happen


What is the definition of inductive method?

Inductive method is a research technique where specific observations are used to draw general conclusions or theories. It involves gathering and analyzing data to identify patterns or relationships that can lead to the development of theories or hypotheses. The goal is to derive broad generalizations from specific observations.