What does the scientific method involve according to its standard definition?

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Prepare for the UCF ECO3203 Intermediate Macroeconomics Exam. Study with interactive flashcards and multiple choice questions, each providing insightful hints and explanations. Get ready to excel in your exam!

The scientific method, in its standard definition, encompasses a systematic approach to inquiry that involves several key steps. Identifying a problem is the initial stage where a specific question or issue is recognized. Following this, researchers gather relevant data to understand the context and nuances of the problem.

The next step involves formulating a hypothesis, which is a testable statement or prediction that addresses the problem posed. This hypothesis serves as a basis for further investigation. Testing the hypothesis is crucial; it involves conducting experiments or analysis to determine whether the hypothesis holds true based on the gathered data.

This structured approach allows for the advancement of knowledge by building upon empirical evidence and rigorous testing, distinguishing empirical science from mere speculation or anecdotal evidence. By moving through these stages, researchers can establish more reliable conclusions based on objective data and systematic evaluation.