Describe the Advantages and Disadvantages of the Various Methods of Data

question 19

Essay

Describe the advantages and disadvantages of the various methods of data collection.

---

Definitions:

GDP

Gross Domestic Product, a measure of the economic performance of a country, representing the total value of all goods and services produced over a specific time period.

Protectionism

Economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and service produced domestically.

World Trade

The exchange of goods and services across international borders or territories.

Tariffs

Taxes or duties to be paid on a particular class of imports or exports.