Yes it can be applied to a real and practical example. But keep in mind, this is a mental model to help you understand and in turn achieve the goal/function of systemizing.
For example, you can use the 7 steps like this (rough notes):
Step 0: Real estate market-- specifically apartments
Step 1: Predict price of an apartment unit
Step 2: understanding is limited by what I can observe on a Property Finder site
Step 3: unit, property, area, price, features (like: # bedrooms, #bathrooms, swimming pool, etc.), location, owner, buyer, seller, etc.
Step 4: Economic system approach
Step 5: Take only the parts consistent with the approach; ie. unit, property, area, price, features (like: # bedrooms, #bathrooms, swimming pool, etc.), location
Step 6: hedonic regression/hedonic demand theory is selected as the methodology (laws between the interacting parts are built accordingly eg. features, area, and location reflect the price of a unit in a property)
Step 7: if it works sufficiently well (and makes sense intuitively/statistically etc.) then it can be understood and therefore the system is valid.
Of course, at the end of the day this is a rough note of the mental systems thinking for this specific entity that I chose. You can apply it to any real and practical example you choose; in a different manner-- hope this helped!