what you know about a scientific theory

Scientific theory of economic

Scientific theory of economic

Economic, we define it in two ways - one is scientific and another is an art. They have their own opinions for this to define. In economic, there are lots of issues or problems. These theories give us some steps to tackle these problems and find some outcomes from them. A scientific theory has tested again - 2 for a better outcomes by a expert observation. 

Selections of problems – this is the first steps of any theory. In it, we define any issue or problem very clear. There are any types of issue or problems like unemployment, poverty, inflation's or any problems which have a limited area like any policy related with industry or particular sectors.

Data collections – in it, we collect all the information related with a particular problem. Some time, it’s become very easy but some time it’s become very tough. Accumulated data is very clear so that it become easy to make an out-come from them.

Classification of data – after accumulation, we divide them into different parts according to their use and different – 2 situations. We also divide them by their similarity and times gap. We also differentiates or classification them according to their demand.  

Make or Formation the Hypothesis – in this step, we form the hypothesis according to the outcomes of the collected data. It is totally depend on the examiner previous formation or experience.

Examine the hypothesis – in this step, we examine the formation of hypothesis and see that it cover all over expectation or not. It’s defines the mention problem or not. If any hypothesis is ready to give meaning full outcomes for future, it is pass the test.

Finally, we verify the hypothesis for final use in future.