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Chapter One
Data and Statistics
38
Economics
Undergraduate 2
08/24/2011

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Term
Accounting
Definition
Public accounting firms use statistical sampling procedures when conducting audits for their clients.
Term
Finance
Definition
Financial advisors use a variety of statistical information, including price-earnings ratios and dividend yields, to guide their investment recommendations.
Term
Marketing
Definition
Electronic point-of-sale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications.
Term
Production
Definition
A variety of statistical quality control charts are used to monitor the output of a production process.
Term
Economics
Definition
Economists use statistical information in making forecasts about the future of the economy or some aspect of it.
Term
Data are
Definition
the facts and figures that are collected, summarized, analyzed, and interpreted.
Term
data set
Definition
The data collected in a particular study are referred to as
Term
Elements
Definition
The ________ are the entities on which data are collected
Term
Variable
Definition
is a characteristic of interest for the elements.
Term
Observation
Definition
The set of measurements collected for a particular element is called an __________.
Term
Total number of data values in a data set
Definition
is the number of elements multiplied by the number of variables.
Term
Variables
Definition
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Term
Observation
Definition
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Term
Elements
Definition
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Term
Datum
Definition
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Term
Data Set
Definition
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Term
Scales of Measurement include:
Definition
*Nominal
*Ordinal
*Interval
*Ratio
Term
Scale determines
Definition
the amount of information contained in the data.
Term
Scale indicates
Definition
the data summarization and statistical analyses that are most appropriate.
Term
Nominal
Definition
*Date are LABELS or NAMES used to identify and attribute of the element.
*A nonnumeric label or a numeric code may be used.
Term
Ordinal
Definition
*The data have the properties of nominal data and the order or rank of the data is meaningful.
*A nonnumeric label or a numeric code may be used.
Term
Interval
Definition
*The data have the properties of ordinal data. The difference between observations can be calculated but the intensity of differences may not be meaningful.
*Interval data are always numeric.
*Interval data do not have an inherent zero or starting point.
Term
Ratio
Definition
*The data have all the properties of interval data and the ratio of two values is meaningful.
*Variables such as distance, height, weight, and time use the ratio scale.
*This scale must contain a zero value that indicates that nothing exists for the variable at the zero point.
Term
Qualitative data
Definition
are labels or names used to identify an attribute of each element.
Term
Quantitative data
Definition
indicate either how many or how much.
Term
Cross-sectional data
Definition
are collected at the same or approximately the same point in time.
Term
Time series data
Definition
are collected over equally-distanced periods of time.
Term
Population
Definition
is the entire data set. A complete collection of data points on the variable under study. May or may not be finite.
Term
Sample
Definition
is a subset of population data, drawn according to a given sampling scheme, e.g., simple random sampling.
Term
Time Constraint
Definition
Often we have limited time to conduct the study and provide a timely conclusion.
Term
Budget Constraint
Definition
Often there is a limited amount of funds available to conduct the study which may not be sufficient to collect all the data and analyze them.
Term
Data Availability
Definition
A population may be infinite. Alternatively, it may be impossible to collect all of the data.
Term
Destruction/Consumption of Units
Definition
Sometimes data collection involves destruction or consumption of units.
Term
Population Parameter
Definition
is a single-valued, numerical measure that describes certain characteristic of data.
Term
Sample Statistic
Definition
is an estimator of a population parameter.
Term
Descriptive statistics
Definition
are the tabular, graphical, and numerical methods used to summarize data, so that we can describe the data.
Term
Inferential Statistics
Definition
Methods that help draw conclusions about population data based on analysis of sample data.
Term
Statistical Inference
Definition
is the process of using data obtained from a small group of elements (the sample) to make estimates and test hypotheses about the characteristics of a larger group of elements (the population).
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