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What are the three main modes of economic investigation? Describe each

Economics

What are the three main modes of economic investigation? Describe each.

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The three main modes of economic investigation along with their brief description are as follows:

  • Empirical Investigation: Taking in the record, some statistical data about the world, which helps to improve the economic stability is referred to as Empirical Investigation.
  • Theoretical Investigation: When we collect data based on some thinkable and correct deductions about the world, such type of investigation is referred to as Theoretical Investigation.
  • Historical Investigation: Based on past incidents, the investigation in which the data (about past) is collected for economical activities, such an investigation is referred to as Historical Investigation.

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