Which process combines theoretical frameworks with real-world observations for analysis?

The process that combines theoretical frameworks with real-world observations for analysis is economic analysis. This method involves applying economic theories and models to assess and understand real-world phenomena, such as market behavior, consumer decisions, and policy impacts. By utilizing theoretical constructs, economists can evaluate the efficiency, effectiveness, and implications of various economic activities in practice.

In contrast, statistical analysis primarily focuses on collecting and interpreting numerical data, but it does not inherently involve theoretical frameworks. Qualitative research emphasizes understanding human behavior and social phenomena through non-numerical data, which may lack the rigorous theoretical application that economic analysis provides. Financial forecasting, while related to predicting future financial outcomes, often relies more heavily on historical data and statistical methods rather than integrating broader economic theories with real-world observations.