Free «Useful Sources of Information for Economic Impact» Essay Sample

Information refers to any form of event that affects the states of dynamic systems. It can also be described as knowledge which is communicated concerning some particular subject, event or fact that is apprised or told. Information can therefore mean transmission of the facts and the facts themselves. An economic impact on the other hand, refers to the decrease or increase on the potential productivity of the economy which extends beyond the boundaries of a single organization and therefore linked to both social and environmental elements of sustainable development. An economic impact is therefore an effect which can occur on the saving, spending, investment and on any asset value of any event whether such an action is a change in marketing activities, regulation of new infrastructure or new business development. To get useful information for economic impact, an individual therefore has to be careful when selecting the sources so as to obtain relevant and useful information (Baumohl, 2008, p. 272).

The best source of information for economic impact is FedStats which has been easily available to the Public as from the year 1997. FedStats gives the public access to a full range of statistical information which has been produced by the Federal Government. In most incidences, such information is given without even knowing earlier the Federal agency that produced specific statistics. FedStats is the best source to search for information for economic impact because it has convenient linking and searching capabilities which are connected to over one hundred agencies which provide trend information and data on topics like population trends, education, crime, aviation, health care, energy use, farm production and more. FedStats is therefore a one stop location where someone looking for information on economic impacts can be able to gain access to lots of Federal Statistical Information (FedStats, 2011, p. 1).

FedStats is therefore responsible for providing information for Federal units which are listed in the Statistical Programs found in the United States of America Government and charged with the responsibility of reporting on a yearly basis or more expenditures of at least $500,000. FedStats is also tasked with planning of statistical studies and survey comprising sample design and selection, project design and in designing of forms, questionnaires and other methods of observation and data collection. FedStats is also involved in the initial collection, processing of the data and final tabulation of the statistical data which can be used for dissemination, publication, analysis, research or for program evaluation and management. Data analysis is also performed by FedStats whereby the projected or forecasted data and information which are published are normally made available for use by the public or the government (FedStats, 2011, p. 2).

FedStats, being a source of information, is charged with the responsibility of constructing secondary data series and developing models which are an integral part of generating statistical forecasts or series. It is the best source of information because it obtains information though statistical training or consulting and then to make sure that the information is valid and updated, FedStats manages and coordinates statistical operations to make sure that the information provided to the users are relevant (Nicullita, et al, 2007, p. 425).

Relevant information on economic impacts should be sought from be sought from relevant sources so that users cannot end up applying wrong strategies as a result of obtaining wrong information from irrelevant sources. The reduction of economic impacts in the world should therefore be fought with information obtained from genuine and well organized sources which can provide applicable information in daily life.


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