The main elements of the scientific method encompass observing, hypothesizing, testing, performing comparisons with the aim of changing, refuting or accepting a hypothesis and conducting tests. The scientific method has a strong relationship with the principles and laws that are utilized in economics’ because the hypotheses change into economic principles once they are confirmed to be true.
Work Step by Step
The scientific method is utilized during the formulation of laws and principles that are applied in Economics. A hypothesis must be tested adequately using the scientific method before it is considered an economic principle.