International trade can be defined as the exchange of services, goods, and capital across international territories or borders. In simple terms, international trade is the exchange of services and goods among the different nations of the world. In most nations, international trade represents a large or significant share of the gross domestic product (GDP). For one to conduct research on international trade, various factors, and procedures have to be followed.
While conducting a research paper, a population is the comprehensive set of elements such as people or entities that have the same common features that are defined by the sample criteria that has been established by the researcher. Population in research is composed of two common groups. These groups include the accessible population and the target population. The target population comprises the entire group of objects that the scholar desires to simplify the findings of the research. In the instance of international trade, the target population would be all the countries that participate in international trade. On the other hand, the accessible population in research is the portion of the population that the researcher has reasonable access. In most cases, the assessable population is a subset of the target population. In the instance of international trade, the accessible population may include countries such as the United States, China, Germany, the United Kingdom, Japan, and France.
Sampling denotes to the selection of a subset of objects or individuals from a specific population that will form a sample that the researcher will conduct research or interview. Probability sampling and non-probability sampling are the two types sampling employees in research. If a researcher elects to use probability sampling, then they have to randomly select a sample from the population created. This thus means that the researcher has to have a comprehensive information regarding their sample frame. When the researcher does not know the population, then non-probability sampling would be the better choice. It is imperative to comprehend that non-probability sampling is prone to bias.
Steps were taken while conducting a research
Six steps have to be taken while conducting a research
The first step is the identification of the problem or the development of a research question. In this step, the research problem may be something that a particular agency deems as a problem or some data is required by a particular agency. In the instance of international trade, a research problem may be. Why the trade between the United states and china is declining?
The second step is the review of the literature. A researcher is able to get more foundational information about the area being researched. Moreover, this step also gives the researcher information regarding past research and how these previous studies have been conducted. The information gathered in this step enables the researcher to comprehend the magnitude of the problem.
The third step is the definition of concepts and terms. A researcher has to define the concepts and terms as they specifically apply to the research being conducted. When a researcher defines the concepts and the terms of the study narrowly, then the scope of the study becomes more manageable.
The fourth step is the definition of the population. This step also narrows the scope of the research from a large population.
The fifth step is the collection of data. The collection of data is vital in that it provides the data that is required to answer the problem question. There are many methods that a researcher can use to collect data. Data can be secondary or primary. Based on the type of research, the data can be gathered in surveys, questionnaires, and other different variables.
The sixth step is data analysis. A researcher has to analyze the data on a particular plan. Various softwares can be used to analyze the data. The analyzed data is used to make conclusions and results of the causative agents of the identified problem. The results of data analysis are reviewed and summarized in regard to the research questions formulated.
Importance of statistics in daily life
Statistics is vital to any person in daily life. Most of the vital information around people is determined through statistics. When statistics are used in the correct way, more information can be collected on what happened in the past and make accurate predictions on what will happen in the future. Statistics are used to determine emergency preparedness, predicting disease, and weather forecasts, conducting medical studies, insurance, consumer goods, and quality testing political campaigns, stock market prices and even tracking sales. In the case of international trade, statistics is vital in the identification of countries that have the most trades with other countries. Additionally, statistics can also be used to identify the root causes of why it is slow in trade during particular times of the year and why in some months of the year the trade is at all-time high. In daily life, statistics can be used to identify particular individuals who always come to work late.
In most nations, international trade represents a large or significant share of the gross domestic product (GDP). A population is the comprehensive set of elements such as people or entities that have the same common features that are defined by the sample criteria that has been established by the researcher. Six steps have to be taken while conducting a research. Statistics is vital to any person in daily life.
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