Definition: The Spearman’s Rank Correlation Coefficient is the non-parametric statistical measure used to study the strength of association between the two ranked variables. This method is applied to the ordinal set of numbers, which can be arranged in order, i.e. one after the other so that ranks can be given to each. In the rank correlation coefficient method, the ranks … [Read more...] about Spearman’s Rank Correlation Coefficient
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Karl Pearson’s Coefficient of Correlation
Definition: Karl Pearson’s Coefficient of Correlation is widely used mathematical method wherein the numerical expression is used to calculate the degree and direction of the relationship between linear related variables. Pearson’s method, popularly known as a Pearsonian Coefficient of Correlation, is the most extensively used quantitative methods in practice. The … [Read more...] about Karl Pearson’s Coefficient of Correlation
Scatter Diagram Method
Definition: The Scatter Diagram Method is the simplest method to study the correlation between two variables wherein the values for each pair of a variable is plotted on a graph in the form of dots thereby obtaining as many points as the number of observations. Then by looking at the scatter of several points, the degree of correlation is ascertained. The degree to which the … [Read more...] about Scatter Diagram Method
Methods of Determining Correlation
Definition: The Correlation is a statistical tool used to measure the relationship between two or more variables, i.e. the degree to which the variables are associated with each other, such that the change in one is accompanied by the change in another. The correlation is said to be linear when the change in the amount of one variable tends to bear a constant ratio to the … [Read more...] about Methods of Determining Correlation
Types of Correlation
Definition: A statistical tool used to measure the relationship between two or more variables such that the movement in one variable is accompanied by the movement of another is called as Correlation. Types of Correlation Positive and Negative Correlation: Whether the correlation between the variables is positive or negative depends on its direction of change. … [Read more...] about Types of Correlation
Correlation Analysis
Definition: The Correlation Analysis is the statistical tool used to study the closeness of the relationship between two or more variables. The variables are said to be correlated when the movement of one variable is accompanied by the movement of another variable. The correlation analysis is used when the researcher wants to determine the possible association between the … [Read more...] about Correlation Analysis
Chronic Unemployment
Definition: The Chronic Unemployment means prolonged unemployment in the economy. In other words, chronic unemployment is caused due to the long-term unemployment persisting in the economy. Often, the underdeveloped economies suffer from the chronic unemployment because of one of the following major reasons: Slower Economic Growth: The economy in its slow growth is … [Read more...] about Chronic Unemployment
Disguised Unemployment
Definition: The Disguised Unemployment refers to the work area where surplus manpower is employed out of which some individuals have zero or almost zero marginal productivity such that if they are removed the total level of output remains unchanged. In other words, More workers employed on a single piece of work than actually required is called as the disguised unemployment. … [Read more...] about Disguised Unemployment
Technological Unemployment
Definition: The Technological Unemployment is caused when the individuals lose their jobs due to the technological advancement. Simply, the substitution of manpower with technology results in technological unemployment. It is a form of structural unemployment wherein the structure of the economy changes with the shifts in demand for manpower due to the introduction of new … [Read more...] about Technological Unemployment
Seasonal Unemployment
Definition: The Seasonal Unemployment means the demand for a specific kind of work and workers change with the change in the season. Simply, the period when the demand for the manpower as well as the capital stock reduces because of a decreased demand in the economy at a particular point in time in a year causes the seasonal unemployment. The seasonal unemployment is … [Read more...] about Seasonal Unemployment