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# [ECON 221] - Final Exam Guide - Everything you need to know! (30 pages long)

Department
Economics
Course Code
ECON 221
Professor
Shengwu Shang
Study Guide
Final

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Ball State
ECON 221
FINAL EXAM
STUDY GUIDE

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1. Econ 221 Section 9: Lecture 1
Population and Samples
Population: set of elements where we wish to draw conclusions
Sample: selected smaller units of a population
Need for Sampling
Too expensive and nearly impossible to gather information on
an entire population
oSample statistic: calculated from sample data and is used
to make conclusions about a population
Data: facts and figures from which we can draw conclusions
Data set: data that is collected for a study
Observation: unit of that data set
Variable: the characteristic that is being observed
Types of Data
Cross sectional: data collected by recording a characteristic of
many subjects at some point in time without worrying about
differences in time
oSubjects usually include individuals, households, firms,
regions, etc.
Time series: data collected by recording a characteristic of a
subject over many time periods
oCan include weekly, daily, monthly, annual
Observation unit Time period
Cross sectional Many One
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Time series One many
Types of Variables
Qualitative: gender, race
Quantitative: test scores, age, weight
oDiscrete variable: numerical values where gap in between
numbers is meaningful (example: numbers can be 1, 2, 3,
but CAN’T BE 1.5, 2.7, 3.6)
oContinuous variable: response can be any number
(numbers can be 5,6,7 and CAN be 5.5, 6.2, 7.8)
Scales of measurement
oNominal (qualitative): least sophisticated
Just simple categories for grouping
No certain order
oOrdinal (qualitative): categorized and ranked with respect
to some other trait
Usually an order of high to low
Difference between categories have no meaning
oInterval (quantitative): data can be categorized and ranked
with respect to some other trait
Difference in interval values are equal and
meaningful
No absolute 0
oRatio (quantitative): strongest level of measurement and
can be categorized and ranked
Difference in intervals are equal and meaningful
There is an absolute 0
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