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2 cards from this section. Quick, good the night before a test.
What is the definition of statistics?
Think about where you see numbers being analyzed.
Give an example of quantitative data.
Data that involves numbers.
What is statistics primarily concerned with?
Consider what statistics studies.
True or false: Scarcity is the root of economic problems.
Recall the definition of scarcity.
An economist is studying the impact of a government spending program on local unemployment. He finds that for every $1 million spent, unemployment decreases by 200 jobs. If the government increases spending by $10 million, how many jobs would he expect to be created? Analyze how he could incorporate both qualitative and quantitative data in his research.
Break down the relationship between spending and job creation.
Consider a city tracking its population growth alongside unemployment rates. If they want to determine if there's a correlation, what statistical methods can they use, and how will qualitative data enhance their analysis?
Think about how numbers can tell a story.
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