Question

In economics, we make use of
(a) deductive method
(b) inductive method
(c) both
(d) none

Answer 1

In Economics, we make use of - (c)Both the deductive methods in economics as well as the inductive methods.

Just like other forms of Science, Economics also adopts two very important methods while doing investigations and formulation of its various laws and principles.

Deductive method and Inductive method both are used in case of explaining the theories of Economics.

Both the methods are actually very popular forms of logic that helps in the establishment of Economical facts to us.