Overview of the Production Possibility Curve

Overview of the Production Possibility Curve Production Possibility Curve Production possibility curve is the curve that show the combination of two item or services that can be produce in the market in a certain amount of time provided that all other eternal factor that can effect the curve are kept constant such as, labour, technology land and capital. The curve shows the production between two item and how much can we produce with the current resources or technology. As the title says ‘possibility’ which also means that with this much of resources, how much of item can it produce or achieve. There are 3 types of production possibility curve which are straight-line sloping down, concave and convex curve. The first type of curve has a constant negative gradient or constant ratio which also means that as one item/good decreases by one, the other item/good will increase by one, and it will always be constant. Which also means that its opportunity cost will be always constant. But this type of curve is not realistic because it cannot represent the market/economy. The second type of curve is known as concave curve, it has increasing ratio as moving on the curve which also means that we need to decrease more of a item/good to produce more of the good and the decreasing number will keep increase as a sacrifice for another item/good. Which also means that the opportunity cost will keep increasing. Thus this graph is also knows as increasing opportunity curve. This type of curve is more realistic and it represent the whole market or economy. The last type of curve is known as convex curve, it has decreasing ratio as moving on the curve which is also means that we need to decrease less of a item/good to produce more of a good and the decreasing number will keep decrease as moving along the curve. Which is also means that the opportunity cost will keep decreasing. Thus the graph is also known as decreasing opportunity curve. This type of curve does not really exist in the real life economy, some says that in agriculture, this type of curve does exist but mostly it is not. Assumptions of the Production Possibility Curve There are assumption on the production possibility curve because the curve is not a live feed as the market always changes and it also could not show every possible detail of the market so we will have to keep it short and simple while still able to represent the market. There are four assumption of the production possibility curve which are assumption of two goods/items, constant resources, constant technology and efficiency. The first assumption is that the curve assumed that the market/economy only have two goods/items or that the goods/items will represent the whole market/economy. This way we could define or assume the economy from the curve, because the two goods/items simplify the economy thus we only could interpret the economy because in reality there are too many goods/items to take into account or it is impossible to take everything into one curve. In conclusion this assumption of the two goods simplify the market/economy so that we could monitor the changes and the stands of the market/economy. The next or second assumption is that the resources that is supply to the economy is constant or fixed. Resources will always change but we cannot use the real amount of resources to construct the production possibility curve, we will need to resources to be constant to construct the production possibility curve. Due to it constant resources at a time, we could use it to compare with another amount of resources at another time, with this we could analyse the increase in resources or decrease in resources. The third assumption is quite similar to the second one as it assumed the technology is constant. This is an assumption of how well or how much the tools and machineries will produce goods/items given the same amount of resources. It can be seen when a tool or machine produces 10 cake with 10 kg of flour while another tool with a higher or more advanced technology produces 10 cake with 5kg of flour or produces 20 cake with 10 kg of flour. This technological advancement will cause the production possibility curve to change and technology advances everyday thus we need to make it constant. Similar to the assumption of the constant resources, we can use it as comparison as shown is the example, we can use the amount of goods/items produce to compare because is the technology advances, more goods/items will be produce and the other way when the technology degrades. The last assumption is the efficiency, the production possibility curve assume that all the resources are utilize fully but in reality the resources are never been utilize fully. This can be seen where the some labour have no motivation or heart to work and work at its fullest. This is the hardest factor to control so the possibility of the labour force will be fully utilize is very less. There are times when the machineries are old and did not sent for maintenance which will cause the efficiency of the production to drop which will be another factor to contribute to efficiency cannot be fully achieved. Thus it assumed that the work force is fully utilize and no waste of resources to produce the production possibility curve. Opportunity Cost Production Possibility Curve A Opportunity cost is the cost or expenses needed to be given or sacrifice to gain something, like the production possibility curve A above, we can produce either guns or butter but to increase the production of one type of goods/item we need to decrease the other, for example now we are producing at point A and we want to produce more of butter so we decided to shift our production to B, when our production for butter increases, at the same time we need to decrease the guns production in exchange because of scarcity. There are 3 type of opportunity cost which are increasing opportunity cost, constant opportunity cost and decreasing opportunity cost. Production possibility curve A shows increasing opportunity cost which can be seen at between point AB and Point CD, to increase the production of butter by 10, the quantity of guns needed to be reduced by 5 but as going down the curve like point C and D, to increase the production of butter by 10, the production of 50 guns need to be reduced. From that we can say it is increasing opportunity cost because the opportunity cost increase as going down the curve from 5 to 50 to produce the same amount of butter. Unemployment Unemployment in terms of business refers to a situation whereby a graduate or a working age adult fails to get a job. There are many types of unemployment, which includes classical, cyclical, structural, frictional, hidden and long-term. This problem would bring about negative impact in the long run to the country’s economic growth. In terms of economics, unemployment is defined as the wastage of resources in a production. When this occurs the economy would not be able to reach the production possibility curve which is a result of any point that appears INSIDE the curve. This can be further illustrated by the production possibility curve whereby the point which shows unemployment is at Point D which is located INSIDE the curve. At this point the resources are not fully used in the production of goods but would still attainable. Point A, B and C on the other hand achieve full employment in the production of capital goods and consumer goods.In addition to this, point E is an example of the production that is unattainable based on the current advancement of technology and resources. There are many ways to improve the production possibility curve in order for all the resources to be fully utilized. The government would provide insurance, compensation, and subsidies to aid in restraining of the demand. Besides, the labor market is never 100% efficient, therefore, the minimum wage policy should be reconsidered and the power of unions should be reduced at the same time. This would then improve the economic in the long run. Economic Growth Economic growth can be easily defined as the output shift of the production possibility curve due to the rise of the economy over a certain period or an increase in the production due the fully utilization of scare resources. This shift on then production possibility curve shows that the economy has successfully increased its capacity to produce more. The few factors that contribute to the economic growth is the advancement in technology, the increase in man power, the discovery of new production methods as well as raw materials. When there is an advance in technology, the production of goods or services would be more efficient. For example in countries like China, the rapid economic growth is due to application of new technology to then manufacturing process. An economy would not be able to grow if there is an insufficient amount of resources allocated especially to the capital goods. Next, the increase of labor force is important to enable a more number of people to contribute physically in the production. A particular country allows specialization between the laborers to enable better quality and a well divided task to improve the productive capacity and to ensure to outward shift on the production possibility curve in the time to come. Over the years new production methods as well as raw materials are discovered to improve the economic growth of the country. For example the first usage of technology such as computers or other electronic gadgets to control the production methods such as robots has greatly improve the productivity of the economy and many other firms contributing to this economic growth. Alternative types of raw materials were introduced to ensure the continuous supply for the production of the good. Diffence Between Constant Opportunity Cost and Increasing Opportunity Cost Constant opportunity cost occurs when the production possibility curve is linear. The relationship between opportunity cost and quantity supplied is the same. Assuming that a factory wishes to increase their production of good T from 250 units to 500 units, the factory has to sacrifice 250 units of good R in order to increase the production of good T. Thus, the ratio between opportunity cost and quantity supplied is constant, 1:1. The production possibility curve of increasing opportunity cost is concave from its origin. Increasing opportunity cost means the more units of good T produced, the more the opportunity cost of good R. Assuming that the factory has to forgoes 20 units of good R so that the factory is able to produce 50 more units of good T. If the factory wishes to increase the production of good T from 100 units to 150 units, they have to let go 60 units of good R. In this case, it clearly shows us an increasing opportunity cost. Reference 2000. Assumption of Production Possibility Curve. 3 February 2015. Available from : http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpdc=dspk=assumptions,+production+possibilities 2014. Unemployment. Viewed on 7 February 2015. Available from : https://www.boundless.com/economics/textbooks/boundless-economics-textbook/unemployment-22/definitions-102/defining-unemployment-388-12485/ 2000. Unemployment. Viewed on 7 February 2015. Available from : http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpdc=dspk=unemployment,+production+possibilities 2015. Economic Growth. Viewed on 7 February 2015. Available from : http://www.economicsonline.co.uk/Competitive_markets/Economic_growth.html

The Final Game :: Personal Narrative Volleyball Essays

The Final Game It was November 1st and it was the day of my last volleyball game. I ran into my friend Eri and we started talking about the game later that day. It was against Tunkhannock. They were the best volleyball team from our area, and wouldn’t you know it on our senior night we had to play against them. Senior night was the one night where the seniors were recognized, whether they were good or not. The whole day the team was joking about how much we would lose by against our rival team. In a game to fifteen we thought we would end up owing them points. â€Å"Hey, Eri, are you excited about the game tonight?† I asked. â€Å"Well, I’m more sad than anything,† she replied. â€Å"I’m going to miss all of the freshman that we taught how to play.† â€Å"I know, but don’t you think that it’s going to be a funny game tonight?† â€Å"Oh yeah! We’re going to get killed,† she added. â€Å"Don’t you think it was wrong for them to schedule our senior night with that game?† â€Å"Yeah, I do think it was a little unfair,† I replied. â€Å"But at least we know we are going to get killed and don’t really have to worry about it.† Everyone knew that this game was going to be impossible to win, so we all sort of shrugged it off. The last practice before this game consisted of reminiscing more than drills. Even our coach knew we were going to get killed, but for some reason everyone had in the back of their minds ‘what if†¦Ã¢â‚¬â„¢ â€Å"Don’t you think it would be funny if we actually did win this game?† I asked. â€Å"What? Are you nuts! They haven’t lost a game yet,† Jen replied. â€Å"No, seriously. Don’t you think that they are thinking the same thing we are?† I added. â€Å"That they could win, no problem. And maybe their coach will put in the not so good people for that reason? â€Å"Dana, they don’t have any ‘not so good’ people on their team,† Jen said while giggling. â€Å"I don’t know. I think that we could give them a run for their money.† â€Å"Finally it was seventh period and school was almost over. I could feel the butterflies growing in my stomach. It was 2:35, five more minutes to go and I was counting down until I could run to the gym to start practicing for the big game.

Environmental Protection Agency (EPA) Essay

Dow Chemical V. US (1986) Dow Chemical company is presently efforting to reduce the CO2 emissions, increase fuel efficiency of vehicles which run with diesel engines. Dow Chemical has been successful in developing Diesel Particulate Filter   (DPF) technology that enhances the quality and efficiency of diesel engines in vehicles. Facts of the case    It was stated in the petition that Dow Chem operates on a 2,000-acre chemical plant which consists of numerous buildings with manufacturing equipment and piping conduits fixed between the various buildings.   Around the premises, there was heavy security maintained by Dow Chem, the respective petitioner. Issue – What is the case about? Environmental Protection Agency (EPA) appointed a commercial photographer to take photographs of the area from all altitudes as a part of aerial photography.   As a matter of fact, Dow Chem denied this particular activity of EPA which is why a suit was filed in Federal District Court against EPA stating that EPA violated the Fourth Amendment and exercised the powers beyond its statutes. Court decision Federal District Court stated that EPA violated Fourth Amendment by entering premises whereas Court of Appeals stated that as per Section114(a) of Clean Air Act, EPA has right to enter premises for inspection purposes [475 U.S.227,228]. Dissenting opinion Dow chem feared about the reveal of trade secrets which are supposed to be confidential and particularly photographs of aerial space, complex premises were of a great matter of concern for the Dow chemical plant whereas EPA considered only the premises of open area of the plant as a part of inspection and safety measures and not to violate any trade laws or statutory laws.    References U.S. Supreme Court DOW CHEMICAL CO. v. UNITED STATES, 476 U.S. 227 (1986) 476 U.S. 227 Accessed February 11, 2008 http://supreme.justia.com/us/476/227/case.html

Film Analysis Sweet Nothing in My Ear - 1011 Words

I chose to do my paper on the movie Sweet Nothing in My Ear. The movie was about a child who was born hearing and ended up going deaf, so his parents had to deliberate on whether or not they wanted to get him a cochlear implant. The wife Laura (played by Marlee Matlin) is deaf and her husband Dan is hearing. The movie is centered around Laura and Dan’s struggle to decide if a cochlear implant is what’s best for their son Adam. It doesn’t help Laura make the decision when her parents are both deaf, and her father is basically prejudiced against the hearing culture. The main characters in the story with communication disabilities are Laura and her son Adam. Laura and Adam are both deaf. Both of them were born hearing, and then over time†¦show more content†¦When hearing people believe they are better than the deaf it’s called audism. An example of this in the film is when Adam is walking in his neighborhood and comes across one of his friends who is playing with another friend of his named Todd. Todd calls Adam an ‘alien’ (Sargent, 2008) and makes fun of him because he is deaf. Most of the resources I used were found on Galluadet’s website, so there are no stereotypes on there that aren’t accurate. The difference between the stereotype of a disability and an actual disability is that the stereotypes of a disability are what people believe to be true. Actual disabilities are observable facts, and what some would call ‘not politically correct’ (compared to the stereotypes) that are not based on the media. Some common stereotypes of people who are deaf include: they’re not as intelligent, all deaf people communicate by signing, their lives are completely different than those of hearing people’s, they all lip read, and all of them want to be part of the hearing culture. In actuality, hearing doesn’t correlate with intelligence, not every deaf person uses sign language, their lives are just like those of hearing people just slightly more limited, a lot of deaf people can’t lip read, and not all deaf people w ant to be part of the hearing culture. Personally, I believe that the film was an example of responsible media pertaining to the communication disabilities presented. The characters were all realistic andShow MoreRelatedEssay on Analysis of The Maltese Falcon1619 Words   |  7 PagesAnalysis of The Maltese Falcon The Maltese Falcon, was not only a detective film, but a film that displayed many different aspects of the female and the male character in the movie. The film was more than a story, but a story that explored the ideas of the detective genre and the different characteristics of femininity and masculinity. It also brought forth subjects of sexual desires and the greediness of money. 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If she tumbles out of the carpet in a revealing dress and jumps on Caesar, she is dramatically different from the Cleopatra in a flowy dress with a full skirt who jumps at the problem at hand concerning Egypt and the threat of civil war due to siblingRead MoreThe Thought Of My Paradise Being Scary2122 Words   |  9 PagesReflective essay The thought of my paradise being scary The warm stuffy air, the smell of sweat, the noise of crying children made my ears ring constantly, squashed in the middle with no room to put my arms on a side rest, at neither side of me and the strong sun burning my eyes. By now you may have wondered where I was, In fact I was 35,000 feet high travelling on a busy airline heading to North Africa. That was two years ago. However in July 2015, the thought of going to Tunisia wouldRead MoreEssay Biography of T.S. Eliot4139 Words   |  17 Pagesfrustration with mankind, and the seeming need to be released from this cold world. 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Schizophrenia Is The Most Important Or Common Of The...

General: Schizophrenia is a widely misunderstood and rare mental illness and because of this its name carries an air of mystery with it. Especially so because it can present in different ways and each individual with Schizophrenia has a unique array of symptoms and their own individual treatment plan and level of functioning in society. Because of this misunderstanding, the success rate for Schizophrenics is not as high as it should be and society isolates and fears those who suffer from it. Objective/Thesis: Schizophrenia is falsely represented in society in different ways and this essay aims to point of a selection of what the writer believes to be the most important and or common of the misconceptions about this illness. The goal is to appeal to a general audience and inform readers about the facts of Schizophrenia and dissuade them from believing how it is portrayed in movies and television. A secondary goal is to hopefully help readers empathize better with people with Schizophrenia as well as mental illness in general. Method: The individual misconceptions that have been selected for explanation are listed, and corrected. Research has been incorporated into the essay and properly cited. Schizophrenia in reality and Schizophrenia in movies and on television are compared point-by-point. Reported inaccuracies in movies and television about the disease are backed up and supported in accordance with the DSM 5. This essay explores the possibility of society developing moreShow MoreRelatedSchizophreni A Mental Illness1199 Words   |  5 PagesChidubem Ike-Asogwa Professor Crawley PSYCH 201 April 17, 2017 Schizophrenia continues to create new challenges today and continue to be a complicated mental illness. Contrary to the misconception that Schizophrenia is a rare condition, it is not rare at all. ; each person has a risk of developing it within their lifetime. 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Elements of Tragedy in Hamlet Essay - 1006 Words

Hamlet: The Element of a Tragedy In 350 B.C.E., a great philosopher wrote out what he thought was the definition of a tragedy. As translated by S.H. Butcher, Aristotle wrote; â€Å"Tragedy, then, is an imitation of an action that is serious, complete, and of a certain magnitude; in language embellished with each kind of artistic ornament, the several kinds being found in separate parts of the play; in the form of action, not of narrative; with incidents arousing pity and fear, wherewith to accomplish its catharsis of such emotions. . . . Every Tragedy, therefore, must have six parts, which parts determine its quality—namely, Plot, Characters, Thought, Diction, Spectacle, Melody. (http://www.cnr.edu/home/bmcmanus/poetics.html)† Later in†¦show more content†¦In Hamlet’s case his flaw was his brilliant mind, the tendency to dwell on things and procrastinate. Procrastination caused Hamlet’s downfall because out of the many opportunities he had to kill his uncle, he waited until he was fatally wounded before killing Claudius. He also had the unhealthy problem of obsessing over killing Claudius. He wanted to make sure the time was right. In Shakespearean tragedies, the hero doesn’t necessarily have to be â€Å"good†, though they generally are, but they are never small or contemptible. The heroes illustrate a sense of waste, for example, in the end of Hamlet, most people feel like his death was unncessesary; that if he had only killed his uncle sooner, Hamlet, his mother, and others would not have died. Aristotle was brief with his third point, Thought. Thought is how the characters should reveal themselves in their speeches. Shakespeare used very rich descriptions and words with his characters. In his famous â€Å"to be, or not to be† soliloquy, Hamlet is wrestling the idea of killing his uncle, not about suicide like most people think. â€Å"To be or not to be, that is the question Whether tis nobler in the mind to suffer The slings and arrows of outrageous fortune, Or to take arms against a sea of troubles, And by opposing end them? To die, to sleep-- No more; and by a sleep to say we end The heartache and the thousand natural shocks That flesh is heir to--tis a consummation Devoutly to be wished: to die,Show MoreRelatedThe Use of Supernatural Elements in Shakespeares Hamlet and Kyds the Spanish Tragedy1181 Words   |  5 PagesDiscuss the usage and effects that the supernatural elements have in both Kyds `The Spanish Tragedy and Shakespeares Hamlet. Ghosts or supernatural beings feature both in The Spanish Tragedy, written by Thomas Kyd, in 1587, and in Hamlet, written by William Shakespeare, in 1601. Ghosts and the supernatural `remind the characters and the audience of the constraints the past places on the present, and also the obligations the living bear to the departed . There were many superstitions surroundingRead MoreHamlet : A Flawed Anti-Tragic Hero1715 Words   |  7 PagesAristotle’s poetics have long been considered the go-to guide for determining well written â€Å"poetry†, most notably in comedies and tragedies. Hamlet, like many of Shakespeare’s plays, is considered to be a tragedy although there is room to debat e whether or not its protagonist is the quintessential tragic hero or a deeply flawed anti-tragic hero. Evaluating Hamlet using Aristotle’s theories, especially considering the criticism Shakespeare received for seemingly defying these ideals, may be the mostRead MoreWilliam Shakespeare s Hamlet And Henrik Ibsen s A Doll s House1400 Words   |  6 PagesThe concept of tragedy has experienced significant change over the last few centuries. Yet despite human fascination with the concept it appears there is no consensus on what defines true tragedy. The classical notion is that a tragedy tells the tale of a tragic hero, a virtuous character who due to a tragic flaw is fated to an unhappy ending (usually death) that inspires fear and pity within the audience. However, there is the argument that tragedy does not have to follow such regulations. A heroRead MoreReligion in Hamlet Essay1149 Words   |  5 PagesThe Tragedy of Hamlet, Prince of Denmark, is one of the most famous tra gedies William Shakespeare has ever written. Found throughout Shakespeare’s tragedy are many religious references. According to Peter Milward, the author of Shakespeares Christianity: The Protestant and Catholic Poetics of Julius Caesar, Macbeth, and Hamlet, â€Å"From a purely religious point of view, which is more than just biblical, Hamlet is rich in homiletic material of all kinds, reflecting almost every aspect of the religiousRead MoreWhat Makes A Tragedy?908 Words   |  4 PagesWhat Defines a Tragedy? The dictionary describes a tragedy as, â€Å"a serious drama typically describing a conflict between the protagonist and a superior force (as destiny) and having a sorrowful or disastrous conclusion that elicits pity or fear.† Aristotle’s â€Å"Poetics† have long been the standard of a proper tragedy. Yet, could there be more to the perfect tragedy than what either the dictionary or Aristotle suggests? What are the actual characteristics that form a â€Å"true† tragedy? 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Advantages and Disadvantages Of Sampling Method Free Samples

Questions: 1. Discuss the advantages and disadvantages of having a sample of this size. What factors should be considered in decision on sample size? 2.What are the advantages and disadvantages of the current Sampling Method? 3.What are your suggestions to improve the Sampling Methods? 4.Discuss some of the problems in the process of data collection and how to address them in future study 5.What secondary Dataset can be used to check the representativeness of the sample and how can it be used? Answers: Introduction A certain proportion of data that has normally been used to represent the entire population is referred to as a sample. It has been used because it is not possible to collect data from the entire population (Moher et al, 1994). The parameter of the population is estimated from the calculated statistic of the sample taken for use. The number of elements in a set of study forms the population size while the number of elements available in the subset forms sample size. More often, researchers prefer large sample size to small ones because of their characteristics of covering the larger proportion of the population hence increasing the accuracy of the sample statistic (Bacchetti, 2002). In our scenario, the population size is sixty nine thousand from which a sample size of fifteen thousand was selected for use in the study. This sample size represented the number of bank workers who will be sampled. According to the standards of sample sizes, the suitable sample size for this study is 38 3 with 95 percent confidence level and a margin of error of 5 percent. Probabilistic sampling method was also used by the research institutions in ensuring for the fairness of sample selection. 1.Advantages of large sample size Large sample sizes help in obtaining the mean that is quality and precise. The precision of obtained mean will help greatly in the prediction of the population parameter since it covers larger fraction of the population. Outliers present or that might be present in the data are dealt with through the determination of the sample mean. It is important to deal with outliers because they totally differ with the mean and may give deceitful image about the sample or population (MacCallum et al, 1999). Larger sample sizes guarantee for the reliability of the sample mean that is used as the estimator of the population parameter. In order for a sample to fully reflect the population parameter, large sample size is always is normally preferred by the researchers. The quantity need to be pinned down as the standard error (Se) of the mean is therefore used to quantify the reflection of population mean. In each of the sample mean calculated, the standard error is essential. Due to the wider coverage of the population elements, this has been taken as one of the large sample advantages. Disadvantages of large sample size Large sample size is found to be so much involving and time consuming since it covers a wider proportion of the population of study. This makes the researchers to try to avoid it though its results are reliable and precise. Working with large sample size is also expensive to work with, like for example, in this our case, taking a sample of 15,000 bank workers in Belgium will take a lot of time and also the expense involved in the process will be high. A lot of time is required since the larger sample size is spread in the manner that the population is spread and thus collecting data from the entire sample will involve much time compared to smaller sample sizes. Due to its wider coverage, the expense that is involved in data collection process is also higher compared to expense that could be incurred in a small sample size. Factors to consider when choosing sample size When deciding on which sample size to work on, it is important to consider the size of the population so that the sample does not over represent it or under represent it. In this scenario, the research institutions assigned the duty will consider the total bank workers in Belgium (i.e. 69,000) that will later used to calculate the suitable sample size. If the surveyor wants to incur low cost in sampling, he or she will prefer small sample size. it will also help in determining how precise we should be with our data. Sampling whole lot of 15,000 Belgian bank workers will mean high cost incurred in the data collection process. Another factor to consider when selecting the sample size is prior information about the subject of study that will help in determining the size of the sample for use in the study. Prior information can be considered in making decision whether to increase or reduce the sample size. Prior mean and variance are some of the elements that are considered from prior information. Additionally, when choosing the sample size, practicality of the chosen sample size is important in that the size of the sample must be making sense and can be exercised. Among other factors is marginal error because of its reliability in the determination of the perfection of the sample. Marginal error will be affecting the breadth in which the calculate mean will lie on. Also it is important in the construction of the confidence interval level ones the confidence level is available. 2.Equal chances were provided for the bank workers to be selected in the sample by employing probability sampling methods. When applying probability, the chances will be ensured that they are greater than zero. In the process, human biasness is reduced since judgment of the researcher in the selection process is eliminated making the process fair for inclusion of all banks and the bank workers in the sampling process. Research institutions employed stratified sampling method. In this process, the research institutions first do the random selection of the banks that formed the strata then randomly select workers from the randomly selected banks, this ensured fairness in the selection process. Advantages Stratified sampling method gives more precision of the same sample size as compare to other probability sampling methods like the simple random sampling. In the estimation of the population parameter, precision is deemed important. Each stratums statistic will be calculated and their closeness compared to one another. The process is found to be cost effective as it only involves random selection of different baking institutions and workers over the entire population which makes it half completed because of its precision. The method is also flexible that it allows for the selection of any number of participants efficiently and with a lot of ease. Because lesser degree of judgment of the researcher is required, the process tends to be more effective and also results to accuracy in data selection. Compared to other sampling methods, it forms easier way of sampling since it does not involve complicated process. Additionally, technicality is not required in probability sampling methods; t his therefore provides room for anybody to being in a position to conduct the process. The only requirement is random assignment of numbers over the already identified strata. Disadvantages Stratified probability sampling method of selecting the sample results to the selection of specific class of samples to be used. The process is time consuming since the researcher is required to follow all due procedure such as first identifying strata and also going down to the strata to do the selection of individuals that will now participate in the process. The researcher may be filled with monotony when using this sampling method since the same procedure will be repeated several times for the required information to be obtained which in turn may reduce the efficiency of the surveyor. 3.Sampling method chosen may have influence on the outcome data for use in the analysis. For example, the method that was used in sampling the banks was found with biasness that will affect the results obtained from the study and the drawn conclusions (Mann, 2003). Dealing with such short comings, the researcher is supposed to ensure that they reduce biasness as much as possible to save on the results and their dependability. Biasness can be reduced through randomization which will require the researcher to ensure for equal chances of selection of the sample of study. This sampling technique so far is more effective since it ensures equality of selection of samples for use in the study. To improve sampling technique, the sample is divided into groups referred to as strata that must be showing relationship that is meaningful in the study. Differences in the response from the strata are eradicated through stratification for the data to reflect the entire population and ensuring the representation of each stratums opinion. In most of the cases, stratification is done by gender in order to take care of the divergent opinions and have all of them represented. Because each sampling method is concerned with precision in the analysis thereafter, testes methods are supposed to be conducted. This is done with the aim of ensuring that each sampling method chosen for use to satisfy research goals. Potential method is determined through precision and the cost associated. Standard error will be used in this study to measure the level of precision. In the process, smaller standard error will mean higher precision while larger standard error will mean lower precision of the used sa mple. 4.Most of the researchers have been using questionnaires in the collection of data from the respondents. Being that it is the preferred method of data collection does not mean that I is perfect since it is always associated with problems. One major disadvantage of using questionnaire for data collection is dishonesty of the respondents. Dishonesty has been arising as a result of respondents hiding the truth from the surveyor when answering the questions as provided in the questionnaires. Being that the questionnaires were sent to the respondents in our case, clarity of the questions may be lacked in the case a question is not clear hence may lead to misunderstanding of the questionnaire questions (Zaza et al, 2000). This problem is encountered as a result of considering some of the answers private by the respondents and fear of disclosure and desirability bias. This problem can be combated by assuring the respondents of their privacy and also keeping their identification confidential. In our scenario, questionnaires were not presented to the respondents face-to-face this may lead to the difficulty in understanding the questions and also interpreting them since they will lack clarity of the questions and guidelines on how to answer the questions. As a result, there will be variation of responses from the respondents since each one will have understood and interpret the questions differently, the provided answers may not have answered the question according the subject of study. Skewed results can be can be eliminated by ensuring that questions in the questionnaire are well structured, easy to read, understand and interpret. In the case where respondent have their agenda; biased information can be achieved in this case. They can have their opinions about the questions manipulated due to one reason or another. For instance, a questionnaire with many open ended questions may make it difficult for respondents to analyze the questions. In most cases, answers obtained from these questions are always individualized ad express personal opinions that cannot be quantified for analysis. 5.Representativeness of the data is checked using the secondary data that will be collected from the National Bank of Belgium in conjunction with Employment industry in Belgium. This data will act as the reference point for the data collected for use in the study. At the same time, the dataset will as well be used to collect data that will be termed relevant from other sources in the previous studies. Descriptive information is provided by secondary data that are important in offering support to the study that is being done and also offering them with dependable facts. Additionally, the variables used in the study are tested if there is a relationship that exists between them and also helping in building up the model. Secondary data are as well used in data mining where computer technology is used in studying the trend for the previous research by visiting large volumes of data. Among other uses of the secondary data, they are as well used in the identification of relevant sources in order to do away with plagiarism (Cooper, 2003). This helps in maintaining the quality and integrity of the studies. References Cooper, D. R., Schindler, P. S., Sun, J. (2003). Business research methods. Moher, D., Dulberg, C. S., Wells, G. A. (1994). Statistical power, sample size, and their reporting in randomized controlled trials.Jama,272(2), 122-124. Bacchetti, P. (2002). Peer review of statistics in medical research: the other problem.British Medical Journal,324(7348), 1271. Mann, C. J. (2003). Observational research methods. Research design II: cohort, cros sectional, and case-control studies.Emergency medicine journal,20(1), 54-60. Zaza, S., Wright-De Agero, L. K., Briss, P. A., Truman, B. I., Hopkins, D. P., Hennessy, M. H., ... Pappaioanou, M. (2000). Data collection instrument and procedure for systematic reviews in the Guide to Community Preventive Services.American journal of preventive medicine,18(1), 44-74. MacCallum, R. C., Widaman, K. F., Zhang, S., Hong, S. (1999). Sample size in factor analysis.Psychological methods,4(1), 84.