Question 21 of 35
Q.The process of reasoning from Particular to General is :
(a) Positive economics
(b) Deductive method
(c) Normative economics
(d) Inductive method
Tamil Nadu DgeTamil Nadu HSC First Year (DGE) Commerce Board 2023MCQ· 1mImportance★★★★★
60% · 21/35 Questions
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Start your 14-day free trial to unlock the full solution →Reasoning from the particular to the general is the inductive method; the reverse (general to particular) is the deductive method.
Economists use two broad methods of reasoning:
- Inductive method — starts from particular facts and real-world observations and, by generalising from many such instances, arrives at a general principle or economic law. It is empirical and data-based (for example, observing that many households buy less of a good when its price rises, and generalising this into the law of demand).
- Deductive method — starts from certain general assumptions or premises and logically works down to particular conclusions. …
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