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Chapter 1-2,5

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ECON 221 Chapter 1-2,5: Textbook reading 1
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University of Waterloo

Economics

ECON 221

Chris Riddell

Spring

Description

Chapter 1
▪ Simple random sampling: Select a sample from the population by chance
▪ Systematic sampling: Selection is every “j” item in the population (N) at a ratio for desired sample size
▪ Population: Complete set of all items of interest
▪ Sample: Observed subset of a population (n)
▪ Parameter: Numerical measure that describes a specific characteristic of a population
▪ Statistic: Numerical measure that describes a specific characteristic of a sample
▪ Non sampling errors: sampling an irrelevant population, inaccurate survey answers, no response to survey questions,
▪ Descriptive statistics: Graphical and numerical procedures to summarize and process data
▪ Inferential statistics: Using data to make predictions
▪ Categorical variables: Responses that belong to groups
▪ Numerical variables: Discrete and continuous variables
▪ Discrete numerical variable: May have finite number of values
▪ Continuous numerical variable: Take on any value within a given range of real numbers
▪ Qualitative data: No measurable meaning to the difference in numbers
▪ Quantitative data: Measureable meaning to the difference in numbers
▪ Nominal data: Numerical identification is chosen for convenience, not ranking of responses
▪ Ordinal data: Indicates the rank ordering of items
▪ Frequency distribution: Table used to organize data including all possible responses studies
▪ Relative frequency distribution: Dividing each frequency by the number of observations
▪ Cross/ Contingency table: Lists the number of observations for every combination of values for two variables
▪ Pie chart: Depict the division of a whole into constituent parts
▪ Pareto diagram: Bar chart that displays the frequency of defect causes
▪ Time series: Set of measurements ordered over time (can be displayed as a line chart or time series plot)
▪ Frequency charts: Consider number of classes, class width, inclusive and non-overlapping classes
▪ Cumulative frequency distribution: Total number of observations whose values are less than the upper limit of each class
▪ Relative cumulative frequency distribution: Frequencies expresse

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