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Chapter 1

ECO220Y1 Chapter 1 Notes
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Department
Economics
Course
ECO220Y1
Professor
Jennifer Murdock
Semester
Fall

Description
ECO220Y1 Textbook Notes Chapter 1: Introduction to Statistics 1.1 So What is Statistics?  Basis for the global economy of the 21 century.  4 dramatic stages that the economy has gone (is going) through: 1. Agrithltural revolution (more food farmed than hunted and gathered) 2. 19 century industrial revolution (boom of factories and mass production) 3. 20 century information revolution (electronic products made our industry more efficient and increased the amount of information at our disposal) 4. 21 century data analytics revolution (extracting meaning from all the information; one way is through statistical analysis)  Data analytics: the statistical analysis of large amounts of data in order to sift out key information needed for corporate planning. th st  20 and 21 century statistics: o Analyze large amounts of data. o Using small surveys to get results for large populations (sampling surveys). st  21 century statistics: o Analyzing data in real-time.  I.e. sales data can be incorporated into a statistical analysis of global market trends the second they are received (sale is made) and are immediately available to directors/executives.  Compared to the monthly/quarterly meetings held by managers in
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