Identify the Four Aspects of the Scientific Process

question 11

Essay

Identify the four aspects of the scientific process. How would the process differ for a researcher working deductively than one who is working inductively?

---

Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, no barriers to entry, and a homogeneous product.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full industry adjustment.

Economic Profits

The disparity between a company's overall income and the sum of its explicit and implicit expenses.

Accounting Profits

The net income of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues, according to standard accounting practices.