Application of Economic Analysis Name Institution Application of Economic Analysis Economic analysis. The world has great wealth in scarce resources. Economist works to ensure that organizations can maximize the available resources. Before an organization makes an important decision, they would benefit if they were aware of the exact condition of an economy. The economic analysis involves two critical methods: inductive and deductive method. In the deductive method of economic analysis, one starts from a general idea to a particular conclusion. While in the inductive analysis a case starts from a particular and end up to a general conclusion. Deductive reasoning follows a certain...
Words: 275
Pages: 1