In economics, the term 'goods' is defined as a commodity that satisfies human wants, i.e. something which provides utility to consumers. Various types of goods are studied in economics, like normal goods, inferior goods, luxury goods, Veblen goods, Giffen goods. Giffen goods are goods whose demand increases with the increase in its price and vice versa. On the contrary, inferior goods are those goods whose demand decreases with an increase in the consumer's income. As the income effect of … [Read more...]
Difference Between Income Effect and Substitution Effect
Income Effect is a result of the change in the real income due to the change in the price of a commodity, As against, substitution effect arises due to change in the consumption pattern of a substitute good, resulting from a change in the relative prices of goods. In economics, the total change in the consumption basket due to the change in price is called price effect. When there is a change in the price of the product or service, the budget line slope changes resulting in the change in the … [Read more...]
Difference Between Observation and Inference
In statistics, you have come across the terms, observation and inference, several times. Observation means an act of monitoring, something, i.e. objects, units, persons or anything else, by using senses. In this process, the observer stays at the place of the survey and observes the objects under consideration and notes down the observations himself. Conversely, Inference refers to the conclusion drawn based on the facts and evidence available, i.e. deductions are made as per the research … [Read more...]
Difference Between Population and Sample
Whenever we hear the term 'population,' the first thing that strikes our mind is a large group of people. In the same way, in statistics population denotes a large group consisting of elements having at least one common feature. The term is often contrasted with the sample, which is nothing but a part of the population that is so selected to represent the entire group. Population represents the entirety of persons, units, objects and anything that is capable of being conceived, having certain … [Read more...]
Difference Between Monopoly and Monopolistic Competition
Monopoly refers to a market structure where there is a single seller dominates the whole market by selling his unique product. On the other hand, Monopolistic competition refers to the competitive market, wherein few sellers in the market offer near substitutes to the customers. In economics, the market is not just a place whereby parties engage in an exchange of goods or services for money but it refers to a system wherein there are many buyers and sellers for a product or service having … [Read more...]
Difference Between Total and Marginal Utility
The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity. The consumer demand for a product is based on the utility derived from it. From product point of view, utility refers to the power of a commodity to satisfy consumer wants. While from … [Read more...]
Difference Between Cardinal and Ordinal Utility
The utility is a psychological phenomenon; that implies the satisfying power of a good or service. It differs from person to person, as it depends on a person's mental attitude. The measurability of utility is always a matter of contention. The two principal theories for the utility are cardinal utility and ordinal utility. Many traditional economists hold the view that utility is measured quantitatively, like length, height, weight, temperature, etc. This concept is known as cardinal utility … [Read more...]
Difference Between Survey and Experiment
Primary data is described as a data originally collected, in essence, the data gathered is afresh and for the first time. Surveys and Experiments are two important statistical techniques used in research and data collection. When the research type is experimental, experiments are considered as a major source of primary data. On the other end, surveys are performed when the research is descriptive in nature. While surveys collected data, provided by the informants, experiments test various … [Read more...]
Difference Between Questionnaire and Schedule
People quite commonly use questionnaire and schedule interchangeably, due to much resemblance in their nature; however, there are many differences between these two. While a questionnaire is filled by the informants themselves, enumerators fill schedule on behalf of the respondent. The research process is incomplete without collection of data, which starts after identification of research problem and chalking out research design. The researcher should keep in mind that there are two types of … [Read more...]
Difference Between Exploratory and Descriptive Research
Exploratory research is one which aims at providing insights into and an understanding of the problem faced by the researcher. Descriptive research, on the other hand, aims at describing something, mainly functions and characteristics. The research design is defined as a framework for carrying out research activities in different fields of study. The research design is classified into two important categories i.e. exploratory and conclusive research. Conclusive research is further subdivided … [Read more...]
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