The Scientific Process Consists of a Series of Steps

question 27

True/False

The scientific process consists of a series of steps.The second step,theory development,involves the process of moving from the specific to the general,known as deduction.

---

Definitions:

Absolute Advantage

The ability of a party (country, company, individual) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient trade possibilities.

Specialize

Refers to the process of focusing on a specific area of knowledge or skill within a broader field.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another.