Data Can Be Converted into Information and Knowledge by Either

question 3

True/False

Data can be converted into information and knowledge by either inductive or deductive reasoning. Most qualitative methods use an inductive approach in which the researcher generates hypotheses (versus the deductive approach typical of quantitative studies, in which hypotheses are tested).

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Definitions:

Total Revenue

The overall amount of money generated by a company from its sales of goods or services, before any expenses are subtracted.

Total Output

The total amount of goods and services produced by an economy or firm.

Marginal Product

The extra production achieved by the utilization of an additional unit of a specific input while keeping all other inputs unchanged.

Demand Curve

An illustration depicting how variations in the price of a good or service affect its demand within a certain timeframe.