Final answer:
To analyze the economy's needs, both quantitative and qualitative research methods can be suitable. Quantitative methods involve analyzing numeric data, while qualitative methods focus on gathering insights through interviews, focus groups, and content analysis. The choice between them depends on the specific economic aspect under study.
Step-by-step explanation:
To analyze the economy's needs, quantitative and qualitative methods may both be suitable, depending on the aspect of the economy being examined. Quantitative methods involve the collection and analysis of numeric data, which can be discrete or continuous. For instance, the number of times per week something occurs is quantitative discrete data, while the duration of an event, like an economic boom period, is quantitative continuous data. Analytical intelligence is often used when examining data for trends within an economy. On the other hand, qualitative methods might include activities such as in-depth interviews, focus groups, or content analysis to gain insights into consumer behavior, market trends, or the social and cultural factors influencing the economy.
In the context of economic analysis, data such as the interest rate charged on financial aid would be considered quantitative continuous data, as it can vary along a range and is expressed numerically.