Introduction
For economic impact analysis to be effectively undertaken, sufficient and accurate information is required. According to Bebee and Hunt (2008, p.1), the source of information may have used may affect the validity of the economic analysis. There are various sources of information which can be used in conducting economic impact analysis. These sources range from primary to secondary sources. Primary sources of information such as collecting data directly can be a challenging task. In addition, substantial costs in term of time and finances are incurred. On the other hand, secondary sources are more cost effective. This paper is aimed at illustrating the various sources of information for economic impact analysis.
FedStats and Bureau of Economic Analysis
When conducting an economic impact analysis, secondary sources of data are the most commonly sources of information used. In order to be effective when sourcing electronic data from secondary sources, one must identify the most appropriate source of data. Some of these sources may include agencies. For example, when conducting economic analysis, one of the major sources of information in US can be the FedStats. This is an agency which provides individuals with access to statistics on different economic sectors. Additionally, one can source information from the United States Bureau of Economic Analysis (BEA) (FedStats, 2011, para.1).
From this agency, one can access diverse economic information. This arises from the fact that the agency provides various types of information such as the country’s Gross Domestic Product (GDP), corporate profits statistics and international transaction statistics. The statistics provided are wide in scope. This arises from the fact that the agency classifies the statistics on national, regional, industry and international basis.
The agency also illustrates relationships which exist between industries. By sourcing information from BEA, an economist can be able to effectively undertake economic impact analysis. This arises from the fact that the agency sources the information from different sources which include private and public sources. In addition, the agency also conducts researches so as to enhance the credibility of the information collected.
United States Census Bureau
An economist may also source information from the US Census Bureau. The bureau undertakes periodic survey on various economic aspects. The bureaus program is a sufficient source of information on various aspects such as trade (retail and wholesale) on specific industries such as the housing and the construction industry. The bureau also evaluates the economic effects of various businesses activities such as their manufacturing activities, capital expenditure, imports and exports. In addition, the bureau also evaluates other business issues such as e-commerce and foreign trade activities. From the bureau, it is possible to access a sufficient amount of information to undertake an economic impact analysis.
Conclusion
The source of information used in undertaking economic impact analysis can significantly affect the outcome of the analysis with regard to its credibility. The two main sources of information include primary and secondary sources. However, primary sources can be costly in terms of time and finances. On the other hand, secondary sources are cost effective. Some of the main reliable sources of information which an economist can use include the United States Census Bureau, FedStats and Bureau of Economic Analysis.
Reference List
Bebee, J., & Hunt, B. (2008). The impact on the United States of the rise in energy prices. IMF Staff Papers. Vol. 55, issue 2, pp. 285–297. Web.
FedStats. (2011). Bureau of Economic Analysis. Web.