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Introductory Notes
Econ 243
17
Other
Undergraduate 2
09/10/2018

Additional Other Flashcards

 


 

Cards

Term
Population
Definition
The set of all people, leaves, things, ideas etc. that scare a defining trait
Term
What do populations consist of?
Definition
Observation or units
Term
What is a subset of population called?
Definition
Sample
Term
What is a data set called?
Definition
Census or Sample
Term
When do we use descriptive statistics?
Definition
When we have a sample, or a census, and only want to describe the units in that specific data set. (Roman letters).
Term
When do we use parameters?
Definition
When calculating populations. (Greek Letters).
Term
What do we use when you have a sample and want to say something about it?
Definition

A inferential statistic

or inference.

 

Inference is less useful though because it only consists of hypothesis testing about whether statistics can say something about parameter values.

Term
Nominal Data
Definition

Can be used for classification purposes only.

Cant use mathematical transformations.

Term
Ordinal Data
Definition

Can be used for classification and ranking/ordering.

 

Term
Interval Data
Definition

Allows us to classify, and assign rank.order, but not distance is a meaningful concept because the distance between possible data points is in a constant uniform scale.

Can add and subtract.

Term
Ration Data
Definition

Adds to features that interval data doesn't have. Absolute zero exists meaning the absence of some feature. Ratios are meaningful and constant.

Multiply and devide

Term
How do you know the difference between Ration and Interval Data?
Definition

Find out what the zero means.

 

If the zero means the absolute absence of a variable, then its ratio data.

 

If the zero is a baseline and doesn't mean the absence of the variable then its interval data.

Term
What is cross sectional?
Definition
Where each unit is observed once and there are multiple attributes about each unit recorded.  The data is collected at the same time and you never observe the same unit more then one point in time.
Term
What is time series?
Definition
Where you observe one unit with one attribute, but you observe it at many different points in time.
Term
What is panel data?
Definition
Where each observable unit has several attributes and is observed at multiple points in time.
Term
What is parametric statistics?
Definition
When we are working with quantitative data then the statistics
Term
When working with qualitative data you are limited to?
Definition
Non-parametic statistics
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