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ECON 221 (3)
Chapter 1-2,5

ECON 221 Chapter 1-2,5: Textbook reading 1

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University of Waterloo
ECON 221
Chris Riddell

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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