Aafaf
Question 1- Explain the types of research.
Ans. There are different types of research and it can be classified in various ways. The four major ways of classifying research are as per the following:
1) Descriptive versus Analytical Research : Descriptive research deals with finding facts to establish the nature of something as it exists. In contrast analytical research deals with determining validity of hypothesis based on analysis of facts collected.
2) Applied versus Fundamental Research : Applied research is carried out to find solutions to practical problems to be solved and as help in decision making in different areas like engineering design and insurance policy making. Fundamental research is carried out as more to satisfy intellectual curiosity, than with the intention of using the research findings for any immediate practical application.
3) Qualitative versus Quantitative Research : Quantitative research studies such aspects of the research subject which are not quantifiable, and hence not subject to measurement and quantitative analysis. In contrast quantitative research make substantial use of measurements and quantitative analysis techniques.
4) Conceptual versus Empirical Research : Conceptual research is defined as analysis of thoughts and ideas and developing new ideas or interpreting the old thoughts and ideas based on logical reasoning. In contrast empirical research is based on firm verifiable data collected by either real facts under real situations or obtained through experimentation.
Q1. b. What is the significance of research in social and business sciences?
Ans. According to Hudson Maxim “All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry and inquiry leads to invention”. It brings out the significance of research and increased amount of which makes progress possible.
The role of research in applied economics in the context of an economy or business is greatly increasing in modern
Ans. There are different types of research and it can be classified in various ways. The four major ways of classifying research are as per the following:
1) Descriptive versus Analytical Research : Descriptive research deals with finding facts to establish the nature of something as it exists. In contrast analytical research deals with determining validity of hypothesis based on analysis of facts collected.
2) Applied versus Fundamental Research : Applied research is carried out to find solutions to practical problems to be solved and as help in decision making in different areas like engineering design and insurance policy making. Fundamental research is carried out as more to satisfy intellectual curiosity, than with the intention of using the research findings for any immediate practical application.
3) Qualitative versus Quantitative Research : Quantitative research studies such aspects of the research subject which are not quantifiable, and hence not subject to measurement and quantitative analysis. In contrast quantitative research make substantial use of measurements and quantitative analysis techniques.
4) Conceptual versus Empirical Research : Conceptual research is defined as analysis of thoughts and ideas and developing new ideas or interpreting the old thoughts and ideas based on logical reasoning. In contrast empirical research is based on firm verifiable data collected by either real facts under real situations or obtained through experimentation.
Q1. b. What is the significance of research in social and business sciences?
Ans. According to Hudson Maxim “All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry and inquiry leads to invention”. It brings out the significance of research and increased amount of which makes progress possible.
The role of research in applied economics in the context of an economy or business is greatly increasing in modern