ECON 2B03 Study Guide - Bar Chart, Summary Statistics, Scatter Plot
21 Apr 2014
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Document Summary
Is a branch of mathematics dealing with the collection, presentation, and interpretation of data. The field can be divided into two broad categories. Descriptive statistics, which seeks to describe general characteristics of a set of data. Inferentail statistics, which seeks to draw inferences about (unknown) features of a population based on a (known) sample drawn from population. Broadly speaking, statistics provides a rigorous framework for describing, analyzing and drawing inference on the basis of data. In any statistical study, we analyze information/data obtained from individuals. Individuals can be any object of interest. (e. g. people, plant) A variable is any characteristic of an individual. Variable varies among individuals. (as opposed to a constant which does not) (e. g. age, income) The distribution of a variable tells us what values the variable takes and how often it takes these values. Population: set of all possible observations on some characteristic. (e. g. age, height, income)
