Econ Macro Economics

5. List and give a brief explanation of the steps of the scientific method. The

There are four main characteristics of the scientific method: observation/measurements, make an assumption, test the assumption, and revise the assumption. The first stage we make an observations. For instance, I notice that my peppers in my garden are not growing well. I am going to assume this is because I did not water that area well enough. So I am now going to test my assumption. This is done by watering the peppers in my garden more frequently. Lastly, I am going to see if my assumption was correct. If my peppers only needed more water, they will begin to grow more rapidly. It is also possible that my assumption was wrong, and that my peppers were getting enough water; however, there could be something wrong with the soil, temperature, etc. These are the four main characteristics of the scientific method; it is important to note that our assumptions sometimes be wrong, thus it is always important that we test our assumptions to make sure we are correct.

Scientific Method: The scientific method is a method or procedure that uses precise measurements, predictions, and data to answer questions.

The scientific method is a process that is used to answer questions and solve problems. Although there are different variations of the scientific method, it contains 5 basic steps. (1) Recognize a question or an unexplained occurrence in the natural world. Once this question has been developed examine scientific literature to determine what is already known about the subject matter. (2) Develop a hypothesis. A hypothesis is

The scientific method is used during experiments to find a conclusion and or reason as to why an event or something happens.

How much of the income in the United States is in the form of wages and fringe benefits?

In the Private Sector, there are many choices to be made by Business managers regarding which “projects” to borrow for and which “projects” to invest in.  These choices often contain a great deal of ______________________ as well as the potential for benefits (profits).

a) (2 pts.) Which strategy offers both Westinghouse and General Electric the best financial outcome?

d) “The market system causes the economy to conserve most in the use of resources that are particularly scarce in supply. Resources that are scarcest relative to the demand for them have the highest prices. As a result, producers use these resources as sparingly as is possible.” Evaluate this statement. Does your answer to part c, above, bear out this contention? Explain. I need assistance with this question.

The Scientific Method is the standardized procedure that scientists are supposed to follow when conducting experiments, in order to try to construct a reliable, consistent, and non-arbitrary representation of our surroundings. To follow the Scientific Method is to stick very tightly to a order of experimentation. First, the scientist must observe the phenomenon of interest. Next, the scientist must propose a hypothesis, or idea in which the experiments will be based around. Then, through repeated experimentation, the hypothesis can either be proven false or become a theory. If the hypothesis is proven to be false, the scientist must reformulate his or her ideas and come up with another hypothesis, and the experimentation begins again. This

One known research method is the Scientific Method which is a uniform way of creating observations, assembly data, establishing concepts, testing predictions, and understanding outcomes. These observations are made in order to observe and define behaviors. The first step to take in using a scientific method is to develop an issue or question. Next step is to perform a research and observation on the issue or question that was developed. Then a hypothesis needs to be formulated after these steps have been made.

7. Which of the following must be true if a firm is experiencing economies of scale?

The Scientific Method is simple set of rules meant to help people find an answer to any question through experimentation and research. It is globally known for its effectiveness in answering difficult problems. While some steps may seem complicated, they can be more simple then was thought beforehand. While some people think only scientists use it, it's actually used by everyone all the time, which is why it's important to learn the process.

The scientific method is known to be a series of various steps that lead to the different discoveries of new scientific principles. The different steps in the scientific method are as follows: gathering a certain set of observations or even measurements from natural experiments or phenomena. Analyzing all of your collected data to form a hypothesis. Formulate one or more hypotheses to better explain the data or observations. Make a set of predictions using the hypothesis you formulated. And lastly, test your theory and figure out the status of your theory.

The first, and probably the most important part in the Scientific Method is observing and stating a problem. For example, one might wonder why the sky is blue during the day, and black during the night. Since our curiosity might get the better of us, we would wonder why the sky changes color, and try to find out.