Define Primary Data and Secondary Data

question 37

Essay

Define primary data and secondary data. What are the key differences between the two?

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Definitions:

GDP

Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.

Market Value

The current price at which an asset or service can be bought or sold in the marketplace.

Goods and Services

The fundamental output of businesses to customers; goods are tangible items, whereas services are intangible offerings.

Market Potential

The maximum total sales volume that could be achieved by all firms in a market for a specific product or service over a given period, under ideal conditions.