Advantages Of Sampling Method

Education , Statistics
Main advantages or benefits of sampling method of data collection can be studied as follows:

1. Less Costly

In census method, each and every item of the universe is studied. But in sampling method, information is obtained from small portion of universe. So, it is less costly method of data collection.

2. Less Time

Sampling method consumes less time and effort than census method of data collection.

3. Detailed Information

Sampling helps to obtain detail information by studying a small part of the universe.
advantages of sampling
4. Accuracy And Reliability

Sampling helps to obtain accurate and reliable information because it has limited area of operation.


5. Suitability

Sampling is suitable for small organization with limited resources. Research can be conducted with the small portion of the area.

     Also Read: 

6. Applicable For Large Universe

Census method is not applicable for the research of large or infinite size. So, sampling is suitable for the research of large universe.

7. Checking Of Census

Sampling can be used to check the accuracy of census enquiry also.
Read more »
By
Tags ,

Advantages And Disadvantages Of Census Method

Education , Statistics
Main advantages and disadvantages of census method of data collection can be highlighted as follows:

Advantages/Merits Of Census Method

1. Accuracy And Reliability

Census method ensures higher degree of accuracy than other techniques. It provides complete information because each and every item is investigated carefully. So, it is very reliable method of data collection.

2. Suitability

This method is effective if the universe is small.

3. Intensive Study

Census method completely examines each unit and gathers important data for intensive study.

4. Indispensable 

Census method is indispensable in certain cases where other methods cannot provide reliable and accurate result.

5. Heterogeneous Units

Census method is applicable to examine heterogeneous units.

advantages and disadvantages of census

Disadvantages/Demerits Of Census Method

1. Costly Method

It is very costly method of data collection.

2. Time Consuming

It consumes more time and labor to complete data collecting task.

Also Read:

3. Unsuitability

This method is not applicable or suitable if the universe is large. It is suitable only for small universe.

4. Chance Of Errors

There is a high chance of statistical errors in this method.

Pros And Cons Of Census Surveys In Short

Pros:
- It provides the most reliable and accurate data than other survey methods
- It gives less biased result
- It is suitable for small population 

Cons:
- It requires more cost, time and effort to conduct census surveys
- It is not applicable if the population or universe is very large
Read more »
By
Tags ,

Advantages Of Protectionism

Business , Marketing
Main benefits or advantages of trade protectionism can be studied as follows:

1. To Protect Emerging Industries

Protectionism guards infant national industries from foreign firms. It is a defensive measure which helps the newly established domestic business to grow and well-flourished.

2. To Create Job Opportunity

Protectionism helps to create employment opportunities for local people. If local industries are well-flourished then job opportunities are created in the country.

3. To Prevent Dumping

Foreign producers export their goods at very low price and attract customers in order to capture the market. So, protectionism is useful to protect against dumping.

                 
advantages of protectionism

      Also Read: 

4. Correction Of Balance Of Payment

Protectionism policy helps to correct balance of payment of the nation by discouraging importing and encouraging exports.

5. Preserving National Resources

Protectionism restricts the exports of national resources of the country. It helps to limit the over exhaustion of resources. 
Read more »
By
Tags ,

Disadvantages Of Free Trade

Business , Marketing
Major drawbacks or disadvantages of free trade can be highlighted as follows:

1. Economic Dependency

Because of free trade, economic dependency with foreign countries is encouraged which negatively affects the self-sufficiency of the country.

2. Unfavorable Effects On Domestic Industries

Free trade hampers the development of local industries because they cannot compete with large foreign industries. It effects the industrialization policy of the state.

3. Exhaustion Of Resources

Because of free trade policy, large quantity of natural resources ( in the form of raw materials) are exported without barrier. So, it exhausts the resources of developing countries.

            disadvantages of free trade

       Also Read: 

4. Import Of Harmful Products

There is high chance of import of harmful products in the country because of barrier free trade policy.

5. Unequal Distribution Of Gain

Free trade does not promote equal distribution of trade gain among the countries. 
Read more »
By
Tags ,

Advantages Of Free Trade

Business , Marketing
Main benefits or advantages of free trade can be highlighted as follows:

1. Higher Efficiency

Under free trade, domestic firms have to compete with large foreign producers. So, domestic companies try to increase their efficiency by effectively utilizing the resources.

2. Promotes Specialization

Under free trade, every countries try to produce goods as per their comparative advantage. So, it promotes specialization and division of labor to earn higher return.

3. Reasonable Price

Due to free competition, free trade facilitates wide range of quality products at lower and reasonable price.
advantages of free trade
4. Gain Of Technology

Free trade helps to gain latest technology and modern machinery from foreign countries. It helps in the industrial development of the state.

5. Gain Of Capital

Huge amount of capital can be attracted in the country because of barrier free trade. It helps the economic development of the country.

     Also Read: 

6. Employment Opportunities

Free trade brings capital and technology to promote industrialization in the country. Industrialization creates employment opportunity.

7. Market Expansion

Free trade helps to expand the size of production and market because domestic products can be easily sold in the international market without any barrier.

8. Restrict Market Exploitation

It restricts market exploitation and monopoly of domestic companies.
Read more »
By
Tags ,

Disadvantages Of Protectionism

Business , Marketing
Major drawbacks or disadvantages of trade protectionism can be expressed as follows:

1. High Price For Low Quality

Because of trade protectionism, domestic producers can raise the price of their products and services without maintaining the quality. Due to the lack of competition, produces focus only on profit rather than quality.

2. Limited Choice To The Consumers

Barrier in trade restricts foreign products which limits the range of goods and services in the market. So, consumers have to be satisfied with with limited number products and services.
disadvantages of protectionism
3. Idleness In Domestic Industries

In the absence of free competition, domestic industries may become idle. They may not try to improve quality, technology and management as per the requirement and consumers' choice.

     Also Read: 

4. Situation Of Monopoly

There will be a high chance of monopoly in the market because of protectionism.

5. Inefficient Resource Allocation

Trade protectionism discourages specialization and innovation. It results in inefficient allocation of resources.
Read more »
By
Tags ,