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Formulating Economic Principles

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Explain how economists use the scientific method to formulate economic principles.

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The expert examines formulating economic principles in the scientific method.

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//Explain how economists use the scientific method to formulate economic principles.//

Economists utilize the scientific method to present and test hypotheses. These have a cause-effect relationship. The ultimate goal of the hypotheses is to predict real world outcomes. Economic problems can arise at any time and policies must be created to solve these issues. Shared goals are growth, security, employment opportunities, ...

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