Tag: economics

Random sampling is a method where every item in the population has an equal chance of being selected. It relies on probability rather than human choice or purpose.

Primary data is collected directly by the researcher, making it original or 'first hand' information. Secondary data is 'second hand'.

Data is generally classified into two main types based on the source of collection: primary data and secondary data.

The lottery method is a classic technique used in random sampling to ensure that every unit has an equal probability of being selected.

The questionnaire method has several limitations, such as low response rates, potential for misinterpretation of questions, and lack of control over the respondent.

Primary data is collected for the first time by the investigator, which makes it original in nature. It has not been processed or published by others previously.

Census surveys cover the entire population, which theoretically eliminates sampling error and provides a more comprehensive and accurate picture than a sample survey.

Because the census method involves collecting data from every single unit in the population, it is considered highly reliable for accurate representation.

The World Bank is an international organization, and its reports are considered foreign publications in the context of national statistical data collection.

In a class interval, the lower and upper values that define the range of the class are known as class limits.