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Briefly describe the inductive and deductive methods of economics. |
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Answer» Deductive Method : This method deduces conclusions from fundamental assumptions or axioms established by other methods. It proceeds from reasoning to a study of facts and verifications of conclusions arrived at. The process of logic is from general to particular. Inductive Method : The inductive method derives economic theories on the basis of observations and experiment. In this method, detailed data is collected with regard to a certain economic phenomenon. |
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