Qualitative and Quantitative data
What is the difference between qualitative data and quantitative data, provide an example of each.
Expert
Firstly, the Quantitative data takes into consideration figures and frequencies instead of laying emphasis on connotation and understanding. Quantitative data can be gathered from various sources like experiments, conducting questionnaires and psychometric evaluations etc. On the other, Qualitative data includes facts that are connected with highlighting connotation instead of numerical data. Further, qualitative data can be easily collected by means of interviews etc.
Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
A perfectly competitive industry achieves allocative efficiency since: w) goods and services are produced at the lowest possible cost. x) services and goods are produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the margin
Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill
What are economic resources? What are the major functions of the entrepreneur?
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
Explain the definition of Economics?
Economic efficiency is present while the: (w) economic system is a pure socialist system. (x) resources obtainable are slightly wasted. (y) value of output is maximized, specified restricted resources. (z) utilization of resources is minimized. <
Describe the Personal distribution of income?
Who owns the factors of production and the method used to coordinate economic activity?
Define the Legal forms of businesses?
18,76,764
1936143 Asked
3,689
Active Tutors
1427057
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!