ECON 230 Test 1 Vocab Flashcards


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Ole Miss Econ 230 Marty Bolen
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1

Categorical Data

Data that can be grouped by specific, non-numerical categories

2

Quantitative data

data that can use numeric values to indicate how much or how many

3

Descriptive Statistics

Summaries of data in a form that is easier for the reader to understand

Includes tabular, graphical, and numerical presentations of the data

4

Population

The set of all elements of interest in a particular study

5

Sample

A subset of the population

6

Statistical inderence

The use of data from a sample to make estimates and predictions about the characteristics of a population

7

Frequency Distribution

A tabular summary of data showing the number of observations in each of several non-overlapping categories

8

Relative Frequency

The fraction or percentage of observations belonging to a class

9

Histogram

A bar graph in which the classes are marked on the horizontal axis and the class frequencies on the vertical axis

Class frequency is shown by height of the bar with the bars being shown adjacent to each other

10

Scatter Diagram

A graphical display of the relationship between two quantitative variables

11

Treadline

A line that provides an approximation of the relationship between two variables

12

Mean

The average value for a variable

Provides a measure of the central location for the data

13

Parameter

Characteristic of population

14

Statistic

A characteristic of a sample

15

Median

Another measure of the central location. It is the value in the middle when the datas are arranged in ascending order

16

Mode

another measure of central locations. it is the value that occurs with the greatest frequency

17

Variance

a measure of variability that utilizes all the data

18

Standard Deviation

The positive square root of the variance

19

z-score

standardized value. it is the number of standard deviations a data value (x) is from the sample mean