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Explain How Longitudinal and Cross­sectional Designs Differ

question 68

Essay

Explain how longitudinal and cross­sectional designs differ. What are the advantages and disadvantages of each?


Definitions:

Household

An economic unit that consists of all individuals who occupy a housing unit, regardless of their relationship.

Business

Organized efforts by individuals or entities to produce, sell goods or provide services for profit.

Factor Market

A marketplace where factors of production (e.g., labor, capital, land) are bought and sold.

Circular-Flow Diagram

A visual model of the economy that shows the flow of money, goods and services, and factors of production between households and businesses.

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