The scientific approach is central to the study of economics.In economic theory,a prediction is

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In economic theory, a prediction is a conditional statement of the following form: if A occurs, then B will follow. This means that a prediction is based on the relationship between two variables and can be tested using data and statistical methods. It is not a prophesy of how the future will unfold, nor is it based on the law of large numbers. A causal statement of the following form: A will occur because B occurred, may be true but it cannot be tested in the same way as a prediction.

The Scientific Approach Is Central to the Study of Economics