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Question
Explain various Steps of Deductive and Inductive Methods.
Answer in Brief
Solution
- Steps of deductive method:
- Should have a clear and precise idea of the problem.
- Definition of technical terms and assumptions.
- Deducing hypothesis.
- Verification of hypotheses
- Steps of inductive method:
- Data collection and arrangement.
- By observing the data conclusions are drawn easily.
- Generalization of data and hypothesis formulation.
- Verification of hypothesis.
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Economics: Its Method, Facts, Theories and Laws
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