(Economics) Collection of Data


📘(Economics) Collection of Data 

🔍 Introduction

Data is essential for statistical analysis. In economics, we collect data to study economic problems, trends, and policy impacts. Chapter 2 focuses on how data is collected, including its types, sources, and methods.

📂 Types of Data

1. Primary Data

  • Data collected firsthand by the investigator.
  • Original and specific to the purpose.
  • Example: A survey conducted by a researcher.

2. Secondary Data

  • Data already collected and published by others.
  • Less time-consuming and less expensive.
  • Example: Data from Census of India, RBI reports, NSSO, etc.

🧭 Sources of Data

✅ Primary Data Sources:

  • Surveys
  • Direct interviews
  • Questionnaires
  • Observations

✅ Secondary Data Sources:

  • Government publications
  • Reports of organizations (e.g., NSSO, CSO)
  • Internet databases
  • Newspapers and magazines

📝 Methods of Collecting Primary Data

  1. Direct Personal Investigation

    • Face-to-face interaction
    • Accurate but time-consuming
    • Best for small-scale inquiries

  2. Indirect Oral Investigation

    • Information from witnesses or experts
    • Useful for sensitive issues or crimes

  3. Information from Local Correspondents

    • Data collected regularly by local agents
    • Quick but may be less reliable

  4. Mailed Questionnaire Method

    • A set of questions sent via post or email
    • Cost-effective but may get low response rate

  5. Schedules Filled by Enumerators

    • Trained investigators ask questions and fill forms
    • Useful in large-scale surveys (e.g., population census)

🧾 Difference Between Questionnaire and Schedule

Feature Questionnaire Schedule
Who fills it? Respondent Enumerator
Literacy needed? Yes No
Cost Low High
Accuracy May vary Usually better

📊 Qualitative and Quantitative Data

  • Quantitative: Measurable in numbers (e.g., income, price)
  • Qualitative: Descriptive, not in numbers (e.g., gender, caste)

🎯 Census vs. Sample Survey

Feature Census Sample Survey
Coverage Whole population Selected group
Cost High Low
Time required More Less
Accuracy Very high if properly done Can be good with proper sampling methods

📌 Errors in Data Collection

  • Sampling Error: Due to selecting only a part of the population.
  • Non-sampling Error: Mistakes in data recording, question framing, etc.

📒 Key Terms

  • Population/Universe: Total items under study.
  • Sample: A part of the population chosen for study.
  • Enumerator: Person collecting data through schedules.

📚 Conclusion

Proper data collection is the foundation of accurate economic analysis. Understanding different methods and sources helps in selecting the best approach for any investigation.


Comments

Post a Comment

Popular posts from this blog

Question and answer pairs based on the story "The Lantern of Eldervale"

1. Who is the main character of the story? Answer: Liora, a curious and brave 17-year-old girl from the village of Eldervale. 2. What is the legend about the lantern in Eldervale? Answer: The legend says that every century, a lantern lights itself on a ruined watchtower, and anyone who tries to approach it disappears. 3. What object helped Liora on her journey? Answer: Her mother’s old journal, which contained maps and sketches that guided her. 4. What happened when Liora looked into the mirror at the top of the watchtower? Answer: She saw a vision of her mother and was transported to the past, during the time of the old kingdom. 5. Who was Elenwen in the story? Answer: Elenwen was Liora’s mother and a powerful guardian of the Queen of Light. 6. What was the true purpose of the magical lantern? Answer: The lantern was created to preserve the kingdom’s memories and legacy and pass them from one guardian to the next. 7. Who was the antagonist in the story? Answ...
Read more

The Lantern of Eldervale

    The Lantern of Eldervale In the ancient village of Eldervale, nestled between thick forests and snow-capped mountains, there lived a girl named Liora. She was seventeen, quiet, and curious—a weaver's daughter who spent her days spinning silk and her nights reading old books by candlelight. Her mother had died when she was a baby, and her father—though kind—spoke little about the past. Eldervale was a peaceful place, but it carried a strange legend. Every century, on the first night of winter, a lantern would light itself atop the ruined watchtower at the edge of the forest. No one dared approach it, for the last time someone tried, they vanished without a trace. The village elders believed it was a curse—a remnant from the old kingdom that once ruled these lands. But Liora didn’t believe in curses. She believed in secrets, in hidden truths. On the eve of her eighteenth birthday, the lantern lit again. That night, Liora stood at the edge of the forest, her breath formi...
Read more

The Rise and Fall of the Maurya Empire

The Rise and Fall of the Maurya Empire 🏛️ Subject: History 📖 Topic: Maurya Empire (Ancient Indian History) 🧭 1. Introduction The Maurya Empire was the first major empire in ancient India . Founded by Chandragupta Maurya in 321 BCE with the help of Chanakya (Kautilya) . 👑 2. Important Rulers 🟢 Chandragupta Maurya (321–297 BCE) Defeated the Nanda dynasty. Established a strong central government. Took control after defeating Seleucus I (Greek ruler) . 🟢 Bindusara (297–273 BCE) Son of Chandragupta. Expanded the empire further south. 🟢 Ashoka the Great (273–232 BCE) Most famous Mauryan ruler. After the Kalinga War (261 BCE) , he converted to Buddhism . Promoted non-violence, dharma, and welfare of people. Built edicts and pillars to spread his messages. 🌍 3. Administration Highly organized: Divided empire into provinces. Officials called Amatyas and Rajukas helped in governance. Used spy system to maintain control. Maintained army, roads, ...
Read more