# Econ 261 ch 1

 The flashcards below were created by user gabo on FreezingBlue Flashcards. Categorical data Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be nonnumeric or numeric. Categorical variable A variable with categorical data. Census A survey to collect data on the entire population. Cross-sectional data Data collected at the same or approximately the same point in time. Data The facts and figures collected, analyzed, and summarized for presentation and interpretation. Data mining The process of using procedures from statistics and computer science to extract useful information from extremely large databases. Data set All the data collected in a particular study. Descriptive statistics Tabular, graphical, and numerical summaries of data. Elements The entities on which data are collected. Interval scale The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Interval data are always numeric. Nominal scale The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric. Observation The set of measurements obtained for a particular element. Ordinal scale The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be nonnumeric or numeric. Population The set of all elements of interest in a particular study. Quantitative data Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement. Quantitative variable A variable with quantitative data. Ratio scale The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric. Sample A subset of the population. Sample survey A survey to collect data on a sample. Statistical inference The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population. Statistics The art and science of collecting, analyzing, presenting, and interpreting data. Time series data Data collected over several time periods. Variable A characteristic of interest for the elements. Authorgabo ID132488 Card SetEcon 261 ch 1 DescriptionDescription Updated2012-02-02T23:09:00Z Show Answers