How Are Deduction,induction,and Abduction Related? Which Approach Was Used by Early

question 29

Essay

How are deduction,induction,and abduction related? Which approach was used by early economists? Which is used by modern economists?

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Definitions:

Population Mean

The average value of all the elements in a population, representing the central tendency of the population data.

Probability

A measure of the likelihood that a given event will occur, expressed as a number between 0 and 1.

Finite Population Correction Factor

A factor applied to the computation of the standard error when sampling from a finite population, to adjust for the size of the population relative to the sample size.

FPC

Finite Population Correction, a factor applied in sample size calculations to adjust for sampling from a finite population, ensuring more accurate results.