Research Topic: Economic Inequality
Chosen Area of Focus: The advantages and disadvantages of the financial gap between the rich and poor and how it impacts the society
Framing our research topic
Our chosen area of focus is “The advantages and disadvantages of the financial gap between the rich and poor and how it impacts the society”. We have chosen this topic as we feel that the financial gap between the rich and poor is very big and we want to find out why and how it impacts the society. In this society, the financial status represents your social status and how well you do in this society. And we cannot help but agree that sometimes we judge someone based on their financial status and automatically jump to conclusions whether someone is successful or not. Some studies have emphasized inequality as a growing social problem. While some inequality promotes investment, too much inequality creates destruction. There may also be some good points of economic inequality, such as providing opportunities for investment.
Possible factors related to economic inequality are equity, equality of outcome, equality of opportunity, and life expectancy. Research has shown that economic inequality is a social problem and that we should stop it. But other researches have also suggest that economic inequality is not all bad.
The people in this society judge people based on their financial status. Hence, we will find out how the financial gap benefits the society and don't benefit the society.
Reasons for choice of topic
We have chosen this topic, as we want to find out how the economic inequality impacts society and find out whether it is a good thing or bad thing.
This allows us to fulfil the requirements of the project task as the project task looks at economic inequality from a good and bad point of view, which is also what we will be doing.
This topic benefits society as people will know how economic inequality is affecting them and how they should take precautions to prevent it.
Feasibility of the research
There is a need for our research, as many people do not know how economic inequality is affecting them, and economic inequality impacts everyone.
It is possible to carry out and complete the project, as there are many rich and poor students in the school that we can survey on and interview.
The proposed course of action is logical and realistic as it can be completed with the help of some students who would be willing to do a survey and with our hardwork and group effort.
The research provides sufficient opportunity for generation of ideas, as we will constantly have to think of ways to do certain things in the project. As for analysis and evaluation of ideas, we will certainly have many opportunities to analyse information and evaluate ideas on how to go about deciding what to do next.
Manageability of the research
The timeline for the different components of the project will be decided later based on the situation then. But overall, the project will be done as quickly and carefully as we can, trying our best not to go out of point and staying as close to the topic as possible.
This research provides sufficient opportunity for group work as we will need to discuss a lot of matters regarding the project, for example who will be assigned to do what component of the project and we will have to work together.
We do anticipate some difficulties along the way, such as poor communication among the group members and lack of data.
Accessibility of the information required
Information/knowledge that will be relevant to our research would be the amount of time people usually spend on social networking websites on average each day.
We will be obtaining this information from primary and secondary sources, depending on which one gives more reliable and useful information.
Some alternatives that we have thought of would be to ask others for information or where can we find the information that we need.
Some problems we anticipate while gathering my materials would be that the information that we can find is not entirely relevant to our project and that that is already the closest piece of information among all others that we have found.