Module 3

• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally


  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• A firm increases advertising


  Demand curve shifts right
• Demand curve shifting right

  Increases the equilibrium price and quantity
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• The Wealth of Nations was written in 1776
• archer explains why the procedures are necessary. In addition, the theoretical and conceptual basis for choosing the procedures is presented to establish the validity of the procedures.
• Determine the Research Intervention Procedure


  1. Search for a sample research study

  2. Distinguish the procedure used in the experimental and control group

  3. Use the table provided
• Procedure Used in Control Group


  Procedure Used in Experimental Group
• What I Can Do
• Describes your Intervention (if applicable)


  Comprehensive description following the steps given in this lesson
• Planning Data Collection Procedure
• What's In
• You have learned the important factors in developing your research instruments in lesson 3 of this Module. You can now identify the steps you are going to undertake in your actual gathering of data. In this lesson, three phases in data collection will be presented so that you can clearly plan your data collection procedure in your current research.
• What I Need to Know
• Quantitative Data


  Data that appears to be measurable in the numerical form
• Techniques in Collecting Quantitative Data


  • Observation
  • Survey
  • Experiment
• What's New
• Activity 1: What's the Procedure


  Looking at the flowchart of the data gathering procedure, what do you think is the research design of the study?
• What Is It
• Three Phases in Data Collection


  • Before
  • During
  • After
• Before


  • Seek permission from school principal of students
  • Develop research questionnaire
  • Determine sample size through stratified random technique
• During


  • Provide instructions to respondents
  • Administer the questionnaire
• After


  • Encode the data gathered
  • Analyze the data
• Activity 2. Arrange your Steps


  Arrange the steps in data gathering into their correct sequence
• This time, I have learned that quantitative data

  Comprehensive answer
• Techniques in quantitative data gathering help to

  Comprehensive answer
• In planning my data gathering procedure, I need to consider

  Comprehensive answer
• What I Can Do


  Plan your Data Gathering Procedures
• Before


  Enumerated steps
• During


  Enumerated steps