Commerce Exam > Commerce Videos > Statistics for Economics - Class XI > Sources - Collection of Primary and Secondary Data, Statistics for Economics
Sources - Collection of Primary and Secondary Data, Statistics for Economics Video Lecture | Statistics for Economics - Class XI - Commerce
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FAQs on Sources - Collection of Primary and Secondary Data, Statistics for Economics Video Lecture - Statistics for Economics - Class XI - Commerce
| 1. What is the difference between primary and secondary data? |  |
Primary data refers to data that is collected firsthand by the researcher specifically for the purpose of their research study. It is original and has not been previously collected or published. On the other hand, secondary data is data that has already been collected by someone else for another purpose. It is obtained from existing sources such as government reports, books, journal articles, or online databases.
| 2. What are some examples of primary data sources? | |
Primary data can be collected through various methods such as surveys, interviews, observations, experiments, or focus groups. Some examples of primary data sources include questionnaires, personal interviews, direct observations, experimental data, and audio or video recordings.
| 3. What are the advantages of using secondary data? | |
Using secondary data has several advantages. Firstly, it is often easily accessible and readily available, saving time and resources compared to collecting primary data. Secondly, it allows researchers to analyze long-term trends or compare data from different sources or time periods. Additionally, secondary data can provide a broader perspective as it may cover a larger population or geographic area.
| 4. What are the limitations of using secondary data? | |
Despite its advantages, secondary data also has some limitations. Firstly, the data may not perfectly fit the researcher's specific needs or research questions. Secondly, there may be concerns regarding the reliability and accuracy of the data, as it was collected for a different purpose. Additionally, some data sources may have limitations in terms of their scope, coverage, or depth of information.
| 5. How can statistics be used in economics? | |
Statistics play a crucial role in economics as they provide tools for data analysis, interpretation, and decision-making. In economics, statistics can be used to measure and analyze various economic variables such as GDP, inflation rates, employment rates, or consumer spending. They help economists understand economic trends, evaluate the impact of policies, forecast future economic conditions, and make informed decisions for businesses, governments, and individuals.
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