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Economics · Ch 12 — Collection of Data

Recap

Recap

Key points of the chapter:

  • Data is a tool that helps us reach a sound conclusion about a problem.
  • Primary data are based on first-hand information; secondary data are collected and processed by another agency.
  • A survey can be done through personal interviews, mailed questionnaires or telephone interviews.
  • A Census covers every individual or unit in the population, while a sample is a smaller group selected from the population to supply the needed information.
  • In random sampling every individual has an equal chance of being selected; in non-random sampling the investigator's judgement or convenience decides.
  • Sampling error is the difference between the sample estimate and the corresponding population parameter, and can be reduced by a larger sample. …