Measured in the context of "Level of measurement"

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⭐ Core Definition: Measured

Measurement is the quantification of attributes of an object or event, which can be used to compare with other objects or events. In other words, measurement is a process of determining how large or small a physical quantity is as compared to a basic reference quantity of the same kind.The scope and application of measurement are dependent on the context and discipline. In natural sciences and engineering, measurements do not apply to nominal properties of objects or events, which is consistent with the guidelines of the International Vocabulary of Metrology (VIM) published by the International Bureau of Weights and Measures (BIPM). However, in other fields such as statistics as well as the social and behavioural sciences, measurements can have multiple levels, which would include nominal, ordinal, interval and ratio scales.

Measurement is a cornerstone of trade, science, technology and quantitative research in many disciplines. Historically, many measurement systems existed for the varied fields of human existence to facilitate comparisons in these fields. Often these were achieved by local agreements between trading partners or collaborators. Since the 18th century, developments progressed towards unifying, widely accepted standards that resulted in the modern International System of Units (SI). This system reduces all physical measurements to a mathematical combination of seven base units. The science of measurement is pursued in the field of metrology.

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Measured in the context of Real income

Real income is the income of individuals or nations after adjusting for inflation. It is calculated by dividing nominal income by the price level. Real variables such as real income and real GDP are variables that are measured in physical units, while nominal variables such as nominal income and nominal GDP are measured in monetary units. Therefore, real income is a more useful indicator of well-being since it measures the amount of goods and services that can be purchased with the income. Growth of real income is related to real gross national income per capita growth.

According to the classical dichotomy theory, real variables and nominal variables are separate in the long run, so they are not influenced by each other. In other words, if the nominal starting income was 100 and there was 10% inflation (general rise in prices, for example, what cost 10 now costs 11), then with nominal income of still 100, one can buy roughly 9% less; so if nominal income was not adjusted for inflation (did not rise by 10%), real income has dropped by approximately 9%. But if the classical dichotomy holds, nominal income will eventually go up by 10%, leaving real income unchanged from its original value.

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Measured in the context of Density gradient

Density gradient is a spatial variation in density over a region. The term is used in the natural sciences to describe varying density of matter, but can apply to any quantity whose density can be measured.

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