Classroom impact e

1. Scientific approach in the
empirical testing of an
economic theory

2. What is economic theory?
An economic theory is a
formal explanation of the
relationship between
economic variable.

3. Variables
Assumption
Data collection
and analysis
Conclusion

4. What is Economic variables?
Economic variables are measurements
that describe economic units, like the
GDP, Inflation or Interest Rates. A
variable is defined as a set of attributes
of an object. Attributes are
characteristics that describe an object.

5. Assumption
Economic assumptions are assumptions
that economists make about individuals,
markets, or businesses. These
assumptions are used to help predict the
decisions of players in an economy and
how different players use scarce
resources

6. Data collection and analysis
The process of gathering and analyzing
accurate data from various sources to
find answers to research problems,
trends and probabilities, etc., to evaluate
possible outcomes is Known as Data
Collection.
Economic analysis essentially
entails the evaluation of costs and
benefits. It starts by ranking projects
based on economic viability to aid
better allocation of resources. It aims at
analyzing the welfare impact of a
project.

7. Conclusion
Economic analysis is a useful tool for
planning and evaluating prospects in
changing management practice(s), also in
a close to subsistence farming economy.

8. Thank you