Steps in the Scientific Method

Front

Economists use this to analyze and predict the effects of specific problems in the economy.

Back

Scientific Method

Front

In this step of the scientific method, the economic issue or challenge that needs to be addressed is clearly defined.

Back

Identify the problem

Front

In this step of the scientific method, a prediction or educated guess about the problem is formulated based on existing knowledge.

Back

Make an assumption or hypothesis

Front

In this step of the scientific method, relevant data, facts, and figures are collected to help test the hypothesis.

Back

Gather data and information

Front

In this step of the scientific method, the gathered data is analyzed to verify or disprove the hypothesis, using various economic tools or methods.

Back

Test hypothesis and data analysis

Front

In this step of the scientific method, insights are drawn and solutions or actions are suggested based on the analysis to address the economic issue.

Back

Make conclusions and recommendations