Question

Economics: Can make considerable fortunes for some?

How do we collect data, disseminate research – can we bring research results into areas outside of the academic world?

Answer 1

Economics deals with the problems of scarcity of resources and the wealth of nation’s .It helps answer the question of:

· What to produce?

· When to produce?

· And how to produce?

Economics is about choices , it is about weighing the alternatives on might have at hand.It is abount economising or selcting the best or most efficient alternatives presented to us. For example: We wish to go on a holiday trip, for this we have to make efficient money saving alternatives in our day to day life in order to save money.By understanding the problem of scarcity of resources and their optimal allocation in the country considerable fortunes can be made by businessmen in the economy.Those who are able to economize in daily life, business are able to make fortunes by use of economics.

Data collection is the process of gathering and measuring facts on variables of interest, in a recognized systematic manner that allows one to answer stated research questions, test hypotheses, and estimate outcomes.The following are the main methods of data collection are use:

• Observation method:It is the most common technique used specially in studies relating to behaviourial sciences.Observation becomes a methhod when it is systematically planned and recorded and subject to checks and controls on validity and reliability.
• Interviews: The Interview Method of collecting data involves production of verbal stimuli and reply in terms of responses. It requires the interviewer asking questions in a face-to-face contact with the person.
• Questionnaires and surveys: Questionnaire is the most commonly used method in survey. Questionnaires are a list of questions either an open-ended or close - ended for which the respondent give answers. Questionnaire can be conducted via telephone,mail, in a public area, or in an institute, through e- mail or fax .
• Schedules : It is similar to the Questionnaire method. The main difference is that a schedule is filled by the trained enumerator who is specially appointed for this purpose. He goes to the respondents, asks them the questions from the preform in the order listed, and records the responses in the space provided .
• Focus group discussion : Here the informatio is recorded through a group discussion where a moderator is available and the participants can agree or disagree with the topic while giving their views.It is a qualitative data collection method,thus the data is descriptive and cannot be measured numerically.

Dissemination refers to the process of sharing research findings with stakeholders and wider audiences or the public in general.The research can be disseminated through :

1. News media: Using electronic and print media the research outcomes can be shared with the public and policy makers.The news media can be an important channel for reaching practitioners and policy-makers.
2. Social media: Using platforms like facebook , youtube,instagram the researchers can spread information about their research to the general public.
3. Meetings :Meetings with public policy makers can be set up to share the research outcomes.
4. Workshops and seminars: Researchers can attend acdemic workshops and seminars to share their findings with the audience.