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What are the 3 steps in applying the scientific approach to economics?

What are the 3 steps in applying the scientific approach to economics?

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Answer : Here are the following 3 steps in applying the scientific approach to economics -

1. Make an Observation

2. Form a Question

3. Form a Hypothesis

1. Make an observation : The first step of applying the scientific approach include an observation about something that interests you. For an observation you must keep your eyes even on minor details.

2. Form a Question : Once we have made our observation you have to formulate questions about whatever we have observed . While the formation of Questions we should be specific.

3. Form a Hypothesis : Hypothesis is one of the major component of the application of scientific approach to economics and it is also the 3rd step. After asking questions we have to give possible answer and this is called forming a "Hypothesis".

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