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Hello John,
I attempted questions in practise kit and got stucked. I would need your help thank you.
A. Government statics on level of unemployement is secondary data.
B. Information from a government publication concerning forecast inflation rates is also secondary data.I am confused that why these are both considered secondary. Government statics are external source but for business can not generate this information on its own and government information can be used as primarily on our activities. Like Government if gives any wage notification so it (should) be primary data for payroll department.
Businesses use data to help make decisions.
If the data is collected specifically for the decision being made, then it is primary data.
If they are using data that had already been collected for some other reason, then it is secondary data.
Here, they are using data that had been collected by the government for some reason. Therefore it is secondary data.
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