Question on: JAMB Economics - 2023

The development of an economic hypothesis through intuition, insight, or logic is most closely associated with induction. * **Induction** involves reasoning from specific observations to a general conclusion or hypothesis. This often involves using intuition, insight, or logic to formulate a hypothesis. * **Deduction** involves reasoning from general principles to specific conclusions. * **Policy economics** deals with the application of economic principles to real-world policy decisions. * **Normative economics** focuses on value judgments and opinions about how the economy *should* be.