Question on: JAMB Economics - 2001

When a generalization is made based on observed facts, it's known as inductive reasoning.

• Inductive reasoning moves from specific observations to a broader generalization or theory.
• Deductive reasoning starts with a general statement (theory) and then examines possibilities to reach a specific, logical conclusion.
• Theoretical reasoning uses existing theories to explain or predict phenomena.
• Normative reasoning is based on values and opinions about what "should" be.