Found 107 Articles for Articles / Tutorial Titles

Introduction In order to classify information obtained in the form of data, it is necessary to broadly classify them in series. This type of series has its own characteristics and they obey some general principles. Such types of series are very important for researchers and economists to gain insights so that they can use them for actionable purposes. Data is important for researchers but in its raw form, it is hardly usable. Therefore, the users of data need to make it presentable and actionable. In order to do so, they need to classify data. This classification can be of many ... Read More

Introduction Data is an invaluable part of statistics and plays a vital role in economics. However, raw data is not usable, and to make it meaningful, it needs to be organized. Data organization is therefore a primary and unavoidable function for statistical and economic insights. Organization of Data: Definition Organization of data refers to classifying and organizing data to make it more meaningful and usable. In an organization process, data is ranked in the most logical and orderly fashion so that anyone who seeks to use the data for whatever reason can get it readily available. It is ... Read More

Introduction Economists, statisticians, and market researchers, among others, need to learn various attributes of a population that lives in certain demography. However, it may not be possible for them to collect data from each individual due to the size and volume of data and/or population. In such a circumstance, sampling of the population under study is done. What is Sampling? Sampling is a statistical technique where members or subsets of populations are selected to get inferences about the whole population regarding a matter of study. Sampling is useful because it may not be possible for the researchers to study ... Read More

Introduction Data collection is an important facet of economics as it helps make informed decisions in a systematic manner. Data is an invaluable tool to make measured decisions that saves both time and resources. In order to collect data, economists and statisticians, among others, partake some pertinent methods that help them acquire information related to their concerned subjects. Data Collection: Definition Data collection is a process of measuring and gathering information on desired variables in a fashion so that questions related to the data can be found and used in research of various types. Data collection is a ... Read More

Introduction Economic principles can be used or obtained in two different forms. In one form, the past and present conditions can be taken as a reference while in another future prediction can be used as the base. Depending on such types of assumptions, economics is divided into two types, namely: Positive Economics Normative Economics. What is Positive Economics? Positive economics is sometimes referred to as ‘what is’ economics. It deals with the knowledge of what is happening and what has happened to describe what should the base of the economy should look like. Positive economics is the process ... Read More

Introduction Depending on the nature and gravity of the topics covered, economics is divided into two parts, namely: Microeconomics Macroeconomics. Microeconomics deals with topics concerning individuals and businesses while macroeconomics deals with subjects related to countries and governments. Although there are some differences, the two types of economics are interdependent and there are many common grounds between the two types of economics. What is Microeconomics? Microeconomics deals with the allocation of resources made by individuals and businesses and how they trade goods and services. Microeconomics also looks at the prices at which goods and services are ... Read More

Introduction Production is the process of converting inputs into outputs. The initial factors of production results in final goods in the process of production. Production is a very important concept in economics because it is the running force. Without production, economics cannot be complete as economics starts with the production function and derives the other factors from it. Meaning of Production: What is the concept of production? Any human initiative that creates a good for use can be called production. It requires four factors as inputs, namely, land, labor, entrepreneurship, and capital to complete the initial phase of production. The ... Read More

Introduction The ultimate truth about all economies is that their main functions are production, consumption, and growth. These functions are related to the available resources in the economy. Another aspect of all economies is that the resources of the economy are always limited, and they all have alternative resources. That is why the economies have some central problems. If there were unlimited resources in an economy and the use of resources was for only one reason, no problems in an economy would have existed. But, since there is a limit on resources, all economies face some common problems. In fact, ... Read More

Introduction There are many studies that are vital to mankind and human societies. Some of these studies focus on the resources, production of goods and services, growth of welfare over time, and all other associated topics. This is a science we popularly call economics. What is Economics? Economics deals with the production, distribution, and consumption of goods and services. It is a form of social science that looks after the well-being of societies as nations. Economics considers the allocation of resources as the choices of individuals, businesses, and governments that impact the demand and supply of these resources. The ... Read More

Economic development refers to the shift from low living standards toward high living standards. In other words, when education, healthcare, and standards of lifestyle improve, the country is said to achieve development. However, the term development can also mean personal development which means acquiring better educational qualifications and living a better quality of life. What Development Promises - Different People's Different Goals The goals of development are different for different people. People of different groups in society have different requirements and hence development promises different goals for them. For some people, such as students, having better educational qualifications is ... Read More