--%>

What are the scientific method that Economists use

What are the scientific method that Economists use to establish theories, laws, and principles?

E

Expert

Verified

The scientific method that Economists use to establish theories, laws, and principles are:

a. The observation of facts (real data).

b. The formulations of explanations of cause and effect relationships (hypotheses) based upon the facts.

c. The testing of the hypotheses.

d. The acceptance, reject, or modification of the hypotheses.

   Related Questions in Business Economics

  • Q : Briefly state the pros and cons of

    Briefly state the pros and cons of Corporation?

  • Q : Resource payments correspond to

    Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?

  • Q : Explain the following from Hull Explain

    Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.

  • Q : Introduction of the term Control

    Give a brief introduction of the term Control Principle?

  • Q : Describe the output effects of Inflation

    Describe the output effects of Inflation?

  • Q : Economic sense production methods

    Evaluate and explain the statements: “In the economic sense production methods are the most efficient methods, once resource prices are considered and are lesser in sense of engineering”.

  • Q : Speculators decreases price volatility

    Speculators decrease price volatility through, in effect, changing demand curves: (w) out at low prices, and shifting supply curves out at high prices. (x) out at low prices, and shifting supply curves within at low p

  • Q : Determine the relative cost of a product

    If banana divides are $2, CD disks are $10, and SCUBA vacations are $360, then what is the relative cost of a SCUBA vacation in phrases of a CD disk: (i) 36 disks. (ii) 360 disks. (iii) 180 disks. (iv) 20 disks. (v) 3,600 disks.

    Q : Introduction of the term Risk factor

    Give a brief introduction of the term Risk factor?

  • Q : Initial systematic and popular

    The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’