Free

ACT 11 REAL DATA VS NOMINAL DATA - Essay Example

Comments (0) Cite this document
Summary
In economics, it is the monetary value of a commodity or service that represent nominal value while on the other hand real value represent the worth of an item or commodity in terms of some other commodity example may include a number of commodities that are represented in terms…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
ACT 11 REAL DATA VS NOMINAL DATA
Read TextPreview

Extract of sample "ACT 11 REAL DATA VS NOMINAL DATA"

Macro & Micro economics Real Data Vs Nominal Data Nominal Data v/s Real Value Data: As far as economics is concerned “Nominal data is the value of any item/service in terms of money while real data is the value of an item/service in terms of commodity or service” (Nominal, 2015)
Examples:
In economics, it is the monetary value of a commodity or service that represent nominal value while on the other hand real value represent the worth of an item or commodity in terms of some other commodity example may include a number of commodities that are represented in terms of GNP (gross national income which represent nominal value) and GDP (gross domestic product which represent real value).
But as far as decision making is concerned as nominal data represent item/service worth in terms of prices therefor it may not depict the real picture of the worth of the good/service but in case of real data as it is free from monetary terms therefor it would better guide the decision making process.
However if reliability of information is concerned that whether real data is better or nominal than obviously answer to this question is dependent on type of information to be required, because in order to assess growth than real data would provide the conclusive information, but for information about volume and operations etc. than nominal data would be required for such decision making,
Therefore, both types of data provide information according to their nature, and it is important to note that it is the underlying questions not the nature of data when reliability of information is concerned.
References
Nominal, R. v. (2015, May 18). Real vs. Nominal. Retrieved from Real vs. Nominal: http://www.econlib.org/library/Topics/HighSchool/RealvsNominal.html Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“ACT 11 REAL DATA VS NOMINAL DATA Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1694832-act-11-real-data-vs-nominal-data
(ACT 11 REAL DATA VS NOMINAL DATA Essay Example | Topics and Well Written Essays - 250 Words)
https://studentshare.org/macro-microeconomics/1694832-act-11-real-data-vs-nominal-data.
“ACT 11 REAL DATA VS NOMINAL DATA Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/macro-microeconomics/1694832-act-11-real-data-vs-nominal-data.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF ACT 11 REAL DATA VS NOMINAL DATA

Data Management: Data Warehousing and Data Mining

...?Information Systems have hitherto relied upon data quality and integrity for its management. Countless companies faced numerous problems in accomplishing this task but thankfully SAP has emerged as effective, efficient and user friendly tool that customizes software to meet the particular needs of the company. SAP solutions are getting recognition worldwide and it had highest analytical and performance management revenue in the year 2010 (Gartner, 2011) Among the various products SAP has launched one of the very affective tool for business analytic solutions is SAP BusinessObjects. Users can explore and compare relevant information through SAP BusinessObjects Explorer even if they lack in IT training as it provides a...
2 Pages(500 words)Research Paper

Qualitative vs. Quantitative Data

...?Running head: THE METH EPIDEMIC The Meth Epidemic: A Qualitative and Quantitative Approach THE METH EPIDEMIC 2 The Meth Epidemic: A Qualitative and Quantitative Approach The research entitled “The Meth Epidemic” discusses the processes undertaken to study the “meth” epidemic that has spread across the West Coast. Just like any research project, the case is presented with an introduction of the history of the epidemic and the reason why it got the attention of the law enforcement, the DEA, and other organizations. Two research methods are utilized to find answers to the existing problems --- the quantitative and qualitative approaches. Quantitative and qualitative research methods are usually compared, interchanged, and contrasted...
1 Pages(250 words)Essay

Data Warehousing & Data Mining

...?Data Warehousing & Data Mining a. Why are organizations moving toward implementation of data warehouses? What are the benefits of data warehouses? Data warehousing and data mining are critical aspect of modern healthcare practices. Data mining (DM) is a process that aims to use existing data to uncover new relationships unknown thorough common analysis practices. The process is similar to the extraction of valuable metal hence the term “mining” (Jackson, 2003). Data mining is the process of analyzing extensive data with the aim of establishing correlation between...
3 Pages(750 words)Assignment

The Data Protection Act

...Health taking and the Data protection Act The Data Protection Act defines a legal basis for the handling in the UK of information relating to living people. Recording data is just as necessary and important as gathering data. Significant facts should be so recorded that they can be used when and where they are needed. Records must be cumulative, accurate, complete and reliable; there must be space for additional information from time to time. The cumulative record has information concerned with the appraisal of the individual pupil usually kept on a card, sheet, folder, cards in an envelop, or a combination of all. Records should cover...
4 Pages(1000 words)Essay

Nominal and Real GDP

...output. Inflation can be measured by calculating the difference between the nominal and real GDP using the GDP deflator (Moffatt, 2006). Real and Nominal GDP's (US) for time series 2003 to 2006 presented in quarterly intervals. TABLE B-1.-Nominal Gross domestic product, 2003-2006 TABLE B-2.-Real gross domestic product, 2003-2006 [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Year or quarter Nominal GDP Percent change from preceding period...
2 Pages(500 words)Essay

Data

...obstruction 95% 95% Bile duct obstruction A prospective comparison of the diagnostic accuracy of ERCP, MRCP, CT, and EUS in biliary strictures (Rösch, et al. 2002) Agreement of data in 85% cases 90% 85% 70% 75% Malignant stricture Benign obstructive jaundice 85% 100% 88% 83% Malignant stricture Obstructive jaundice MRCP and ERCP in the diagnosis of common bile duct stones (Fulcher 2002) 90% 90% to 100% 98% 92% to 100% Common bile duct stones with jaundice and pain 100% 96% Common bile duct stones with jaundice and pain Table: Compare diagnostic Value of ERCP and ERCP Studies Diagnostic value of ERCP Diagnostic value of MRCP sensitivity specificity sensitivity specificity Bibliography Fayad, LM, T...
2 Pages(500 words)Essay

Natural Gas: Nominal GDP vs. Real GDP

...Discussion why natural gas is valued in real GDP Following the definition of Nominal GDP and Real GDP by Frank and Bernanke , nominal GDP refers to the market value of all final products and services within a specified geographical region in most cases a country, while the Real GDP is used as a macroeconomic measure of a country’s output in reference to price changes. From this explanation, we can conclude that products in the international market must be valued in reference with international currencies. In relation with the discussion by Zhou in 2011 concerning the drop in natural gas futures, where it was to affect the performance of power plants, we...
1 Pages(250 words)Essay

A Comparative Analysis of Juvenile Crime In The United States And Japan

...Scale Input Z@2003 Numeric 11 5 Zscore: 2003 None None 13 Right Scale Input Z@2004 Numeric 11 5 Zscore: 2004 None None 13 Right Scale Input Z@2005 Numeric 11 5 Zscore: 2005 None None 13 Right Scale Input Z@2006 Numeric 11 5 Zscore: 2006 None None 13 Right Scale Input Z@2007 Numeric 11 5 Zscore: 2007 None None 13 Right Scale Input ZCasesCompare Numeric 11 5 Zscore: Case By Case Comparison of Values None None 15 Right Scale Input ZCasesCompare_A Numeric 11 5 Zscore: Case By Case Comparison of Values None None 17 Right Scale Input Graph x-4 Japan Juvenile Crime Rate Plot Graph x-5, Japan Crime Rate Trends, Polar...
55 Pages(13750 words)Thesis

Data

...include environmental education, disciplinary literacy, fine arts, and personal financial literacy education. The School Progress Index (SPI) is developed to evaluate the school’s achievements, growth, and gap reduction between elementary and middle schools as well as determine the college and career readiness for high school. The index (SPI) for the grades 3 – 12 is 0.9772 in 2012. The school improvement is measured using the accountability system whereby the school’s compliance to the set goals and objectives are continuously monitored over time. In order to ensure improvements, the school encourages teamwork, sets, clear and measurable goals, and regularly collects and analyzes the performance data in order to monitor...
1 Pages(250 words)Assignment

Big Data vs Semantic Web

...BIG DATA VS SEMANTIC WEB Big Data and Semantic Web Big Data Management Big data has become the face of leading companies since it has been noted to be creating new growth opportunities to the companies. Therefore, the main objective of big data management was to create a system of communication in the business that could help in sharing information to all the organizational stakeholders. Moreover, the information was intended to be relayed in a real time manner and with high frequency and efficiency (Summer School on Reasoning WEB & Koubarakis 2014, p.87). Big data management has created the ability of estimating business metrics including customer confidence. It should be noted that such estimation could not be achieved before... with...
10 Pages(2500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic ACT 11 REAL DATA VS NOMINAL DATA for FREE!

Contact Us