Deciding on the Number of Observations to Include in a Sample

question 121

Essay

Deciding on the number of observations to include in a sample is an important decision when planning a research study. What information is required to make this decision?

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Definitions:

GDP Deflator

An indicator showing the price levels for all newly created, final goods and services produced within a country's borders.

Inflation

The increment in the overall cost metrics for goods and services, diluting the currency's purchasing strength.

NDP

Net Domestic Product, an economic indicator measuring the total value of all goods and services produced within a country in a year, minus depreciation.

National Income

The total monetary value of all goods and services produced by a country's economy over a specific time period, excluding income earned abroad.