Scientists use a set method of forming a hypothesis, testing it, maybe revising it, and arriving at a conclusion.

Scientists use a set method of forming a hypothesis, testing it, maybe revising it, and arriving at a conclusion. Economists use some of these same methods but can’t always follow the entire sequence as all scientists.

Post a message answering the following questions:

  • If an economist wants to test a theory on why the price of a product like gasoline fluctuates so much, what kinds of problems might he/she face in getting information?
  • What kinds of variables exist in the market for a product like gasoline?
  • Are some of the variables more important than others? Which? Why?

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