Problem 1: Find a research topic that you are most interested in, something related to international trade but not “international trade” as a topic and tells me the population, how you select a sample to do the research?
Wage inequality refers o the gap or income disparity among a population. The degree to which income is distributed in amongst a country’s population can vary depending on other country’s level of growth and other political factors (Pettis, 2016). Over the past three years, globalization has been a major topic of interest because it did not only lead to economic growth in countries, but also result in the development of trade policies, regulations, and trade relations. Global trade relation might have been developed and redefined, but the impact of international trade or globalization has been positive and negative in equal measures. Apart from environmental pollution, globalization has contributed to a heightened level of income inequality across the world. Income inequality in American is not the same as the income inequality in other trading partners. For example, income inequality in countries such as Mexico is higher than income inequity in America.
While globalization has negatively affected Mexico, it has also lead to some potential benefits as many Mexicans realized an economic growth that the country could not have realized had it not traded with America. Mexico got a ready market for its products and the same way; America got products that were not produced locally while also exporting its products. Never t the less, the globalization, and trade between the two countries did not benefit everyone as only a few people involved in the supply chain benefited. For example, only a few people were employed in the trade and only a few people benefited from increased income, increased household disposable income, as well as imported quality of life. On the other hand, the improvement in the economic lead to an increase in the cost of living. The gap between the rich and everyone else grew as the rich become more rich and wealthy while, the poor become markedly poor. The income gap was made worse further by the economic changes, economic recession, and climate change.
To collect data from the population, it is important to use a systematic random sampling method that will guarantee both objectivity and reliability. To ensure that the entire population is adequately represented, it is important to ensure that the sample is randomly selected from the population. Additionally, it is important to ensure that an adequate sample is selected that would be fully representative of the entire population. This means that the researcher will have to ensure that the sample size is large enough to reflect the population features. The confidence level will be determined based on the interval level and the population size.
Steps to do the research
Step 1: Write the introduction and develop research hypothesis, research aims, and objectives as well as the research questions
Step 2: Secondly, I will conduct a literature review by analyzing past literature on the topic of globalization and the impact of globalization on the income inequality. There are myriads of research both economic theories and business perspectives that are developed to explain the cause and effect relationship between globalization and income quality.
Step 3: I will develop my research instrument in this case; I will use a questionnaire that will be filled by the respondents
Step 4: I will select my sample, using the random sampling method stated above and each sample must meet specific criteria to be included in the study or to be allowed to participate in the study. I will select a sample of 60 respondents from a population of employees who have been affected by globalization.
Step 5: I will distribute the questionnaire to the targeted sample, the sample groups will fill in the questionnaire and return the filled in the survey. It is important to note that there are ethical considerations in relations to research where participants are involved to avoid infringing on the freedom and rights of the participants. Anonymity should be upheld and so is privacy and freedom to opt out of the study.
Step 6: After data collection, it is time to analyze the data to find the trends, averages, and skewness. Descriptive statistics or other statistical techniques such as regression analysis will be used to determine the causality model or interrelationship between variables.
Step 7: Writing the conclusion. After data analysis, the researcher will write a research report with the conclusion either confirming or rejecting the hypothesis, answering the research question and comparing the findings with the other arguments proposed by other researchers. The researcher then makes recommendations for the future researcher and managerial implications.
Problem 2: Do you think statistics is important in your daily life? Give some explanations to support your answer.
Statistics is important in our everyday lives. It is important to note that without statistics it would be difficult to make a decision. Most of our decision is only easy to make when the statistic is used to rate variables in the decision. I usually conduct the descriptive statistics such as variance, correlation, regression, analysis of variances, means, mode, and median as well as the upper limit, and lower limits as well as the quartiles. For example, If I want to decide on what to buy from many options, I usually analyze the statistics such as positive user reviews and compare with the reviews for the alternative products and chose the one with the highest number of reports. One can find the products with the highest means or average. Personally, I use statistics to determine the best option out of many alternatives by finding the mean, the total or conducting t- test to compare the means and chose.
There is a significant correlation between globalization and income gap between the poor and the rich. The numbers of people who become richer in developing countries remain the same but the level of wealth increased significantly. On the other hand, in the developed countries, the income gaps decreased as more people become richer. It is therefore healthy to conclude that globalization mainly increased the income gap in developing countries but decreases the income gap in the developed countries.
Pettis, M. (2016). How Trade Can Reinforce Income Inequality. Carnegie Endowment for International Peace. Retrieved 28 December 2016, pub-55531