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Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. [1] In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods).
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. [1] More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."
Research design refers to the overall strategy utilized to answer research questions. A research design typically outlines the theories and models underlying a project; the research question(s) of a project; a strategy for gathering data and information; and a strategy for producing answers from the data. [ 1 ]
In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.
Descriptive science is a category of science that involves descriptive research; that is, observing, recording, describing, and classifying phenomena.Descriptive research is sometimes contrasted with hypothesis-driven research, which is focused on testing a particular hypothesis by means of experimentation.
A questionnaire is a research instrument that consists of a set of questions (or other types of prompts) for the purpose of gathering information from respondents through survey or statistical study. A research questionnaire is typically a mix of close-ended questions and open-ended questions.
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the core), [1] it is typically characterized by the application of the core, i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics ...