## ECO220

##### Created by:

silvershoes Plus on December 29, 2011

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# ECO220

 What is a sample?A set of data taken from the population
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#### Definitions

What is a sample? A set of data taken from the population
What is statistical inference? The process of making an estimate, prediction, or decision about a population based on sample date.
What are the 3 types of data? 1. Interval
2. Nominal
3. Ordinal
What is interval data?
Interval data are real numbers such as heights, weights, incomes. We refer to it as quantitative or numerical.
What is nominal data?
Nominal data are in categories, also called qualitative or categorical.. For example, responses to whether you drank milk or not, yes or not. Values are ARBITRARILY assigned to the categories. Yes =1, No= 2. The only calculation allowed for nominal data is the frequency it occurs.
What is ordinal data?
Unlike nominal data, ordinal data is in order, meaning values represent the ranked order of the data. Ex) rank how hot the boy is on a scale of 1-5.
What does the values of a variable mean? The values of a variable are the possible observations of the variable.
What's the main difference between interval and ordinal data? The main difference is that the difference or gap between values of interval data are meaningful. However, since the codes representing ordinal data are ARBITRARILY ASSIGNED except for the order, we can't interpret differences.
What are the differences between bar chart and pie chart? A bar chart often displays frequencies and a pie chart shows RELATIVE FREQUENCIES.
What's the difference between a histogram and a bar chart? Also what does the base and height of histogram represent? Bar Chart, base= category (pepper), height= frequency
Histogram, base= interval(height), height= frequency

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