Definition: The Ordinal Scale is a rank order scale in which the numbers are assigned to the objects to determine the relative extent to which certain characteristic is possessed. It helps in identifying that whether the object has more or less of a characteristic as compared to another object, but does not tell about how much or less the characteristic is. The Ordinal Scale … [Read more...] about Ordinal Scale
Nominal Scale
Definition: A Nominal Scale is a scale in which the numbers serve only as tags or labels to identify or classify the objects. In other words, the nominal scale of measurement deals only with non-numeric variables and there is no relative ordering of the categories, i.e. the numeric value assigned to each category is erratic. The nominal scale possesses only the description … [Read more...] about Nominal Scale
Scales of Measurement
Definition: The Scales of Measurement are used to quantify or categorize the variables and before any research one must identify the type of the variable under study. As different methods are used to measure different variables. The numbers or set of numbers assigned to the object has certain specific qualities that interest the researcher. These qualities are magnitude, … [Read more...] about Scales of Measurement
Levels of Measurement
Definition: The Levels of Measurement define the relationship among the values assigned to the characteristics of the object. In other words, what properties of an object the scale is measuring or not measuring is denoted by the levels of measurement. All the scales used in research can be explained in terms of four basic characteristics; Description, Order, Distance, and … [Read more...] about Levels of Measurement
“Scaling” in Research
Definition: Scaling is the procedure of measuring and assigning the objects to the numbers according to the specified rules. In other words, the process of locating the measured objects on the continuum, a continuous sequence of numbers to which the objects are assigned is called as scaling. Scaling is considered as the extension of measurement. What is Measurement? The … [Read more...] about “Scaling” in Research
Measures of National Income
Definition: National Income refers to the monetary value of the entire volume of goods and services produced in the economy during a period of one year. Several measures of national income are used to estimate the nation’s total economic activities by totaling the value of all the goods and services produced in its economy over a period of time. All those human activities … [Read more...] about Measures of National Income
National Income
Definition: National Income refers to the money value of all the goods and services produced in a country during a financial year. In other words, the final outcome of all the economic activities of the nation during a period of one year, valued in terms of money is called as a National income. In the above definition, the economic activities include all the human activities … [Read more...] about National Income
Peak Load Pricing
Definition: The Peak Load Pricing is the pricing strategy wherein the high price is charged for the goods and services during times when their demand is at peak. In other words, the high price charged during the high demand period is called as the peak load pricing. This type of price discrimination is based on the efficiency, i.e. a firm discriminates on the basis of high … [Read more...] about Peak Load Pricing
Transfer Pricing
Definition: The Transfer Pricing is a price charged for the goods and services supplied by one division to the other division of the same company. In other words, the price at which two or more divisions of the same enterprise transact with each other is called as Transfer Pricing. Often, the larger sized firms divide their production activities into different product … [Read more...] about Transfer Pricing
Post Office Recurring Deposit Account
Definition: The Post Office Recurring Deposit Account works on the same principle as that of the recurring deposit account in a bank, where the investor can deposit a fixed sum of money on a monthly basis. It is a scheme offered by the department of post and backed by the government of India on which fixed interest is paid. The salient features of the Post Office Recurring … [Read more...] about Post Office Recurring Deposit Account