Deductive and Inductive Methods of Economic Analysis
Economic analysis and generalizations describe the statements or laws of tendencies in different branches of economics such as consumption, production, exchange and distribution of income. There are some crucial methods of economic analysis which are Deductive method and Inductive method. In the other way, it can be said that economic generalizations usually depicts the statement of uniformities or laws that describes the human behavior in the allocation of the several scarce resources between the alternative ends. With the help of…
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