ECON1203 Study Guide - Probability Distribution, Talk Radio, Sample Space
Document Summary
Week one (chs 1-3: stats: a way to get info fr data, descriptive stats: a method of organising, summarising & presenting data conveniently & informatively (easy to extract info, can be done via numerical techniques lie averaging etc) Population: refers to the group of all items of interest: eg: people, housing, aust pop. Parameter: a descriptive measure of a pop, representing the info we need: eg: age in aust. Sample: a set of data drawn from the pop: eg: people in nsw. Statistic: a descriptive measure of a sample: eg: age in nsw. Statistical inference: process of making an estimate, prediction/ decision about a population based on sample data (easier & cheaper) Confidence level: proportions of times an estimating procedure will be correct. Significance level: measures how frequently a concl will be wrong. Variable: a characteristic in a pop/ sample: eg: price of stocks, marks scored by different students.
