The economic way of thinking o Involves thinking analytically and objectively Makes use of the scientific method Uses abstract models to help explain how a complex real world operates Develops theories, collects and analyzes data to evaluate the theoriesThe economic way of thinking . . . • Involves thinking analytically and objectively. • Makes use of the scientific method. • Uses abstract models to help explain how a complex, real world operates. • Develops theories, collects and analyzes data to evaluate the theories