Chapter 1 - Defining and Collecting Flashcards

1
Q

What are the two major categories to classify variables, and how do they differ?

A

Qualitative / Categorical - variables take categories as their values

Quantitative / Numerical - variables have values represented by a countable or measurable quantity

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2
Q

What is another term for a qualitative variable and provide an example

A

Categorical

Eye color - blue, brown, or green

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3
Q

What is a quantitative variable, what is another term used to describe a quantitative variable, and what are the two types of quantitative variables?

A

A quantitative variable has values represented by a countable or measurable quantity

Another term used for quantitative is numerical

When a quantitative/numerical variable is countable to a finite number it is considered DISCRETE

When a quantitative/numerical variable is measurable it is considered CONTINUOUS

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4
Q

What is a discrete variable and provide a sample

A

A discrete variable is a quantitative / numerical variable that is obtained by COUNTING finite rational numbers

How many texts you send in a day is a finite number

How many steps you took yesterday is a finite number

How many hours you studied last week is a finite number

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5
Q

What is a continuous variable and provide an example

A

A continuous variable is a quantitative / numerical variable that is obtained by MEASURING

It can be an infinite number within a range

The weight of students in a class (not counted but measured on a scale)

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6
Q

What is a data population?

A

Consists of all the items or individuals you want to draw a conclusion about

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7
Q

What is a data sample?

A

The portion of a population selected for analysis

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8
Q

What is a primary source of data?

A

The data collector is the one using the data. They are in charge of gathering and explaining the data collected

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9
Q

What is a secondary source of data?

A

A person analyzing data previously gathered. This is where Econ analysis lives.

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10
Q

What are they two categories of sampling, and what are their differences?

A

Non-Probability - items are chosen without regard to probability of occurrence

Probability - Items are chosen based on the known probabilities

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11
Q

What are they two types of non-probability sampling, and how do they differ?

A

Judgment - getting the opinions of pre-selected experts within the subject matter

Convenience - items are selected only on the fact that they are easy, inexpensive, or convenient to sample

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12
Q

What are the four types of probability sampling, and how do they differ?

A

Simple Random - every individual or item has an equal opportunity to be selected

Systematic - population is divided by the sample size to select the individuals or items

Stratified - population is divided into strata based on like characteristics

Cluster - population is divided into clusters representative of the population

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13
Q

What is the underlying issue when using a Random or Systematic sample, and how can you ensure it is as accurate as possible?

A

It may not be a good representation of the population’s underlying characteristics.

Gathering a large Random or Systematic sample ensures the sampling is representative of the overall population (or as close as possible)

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14
Q

What is the major benefit of a Stratified sample when comparing it to other sampling options?

A

It ensures the representation of individuals across the entire population

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15
Q

When considering Simple Random Sampling with replacement, what happens to your observations, what happens to your probability of being selected, and are your variables dependent or independent of each other, explain?

A

There is a possibility to repeat observations

The probability of being chosen remains the same each time a new variable is selected

The variables are independent of each other. because the previous selection, when replaced, has no effect on the next selections probability.

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16
Q

What is a coverage error?

A

When some groups are excluded from the frame and have no chance of being selected

17
Q

What is a nonresponse error?

A

People who do not respond to the survey/do not have a chance to respond may be different from those who did

18
Q

What is a measurement error?

A

People not understanding the question or answering a leading question

19
Q

What is a sampling error?

A

Variation from sample to sample

20
Q

What is the systematic sampling equation? Explain each part

A

K = N/n

K = the number of total groups

N = total population

n = sample size desired

21
Q

What are the five categories of data sources?

A

Distributed by an orginization or an individual

Outcomes of an experiment

Responses from a survey

Results of an observational study

Collected from ongoing business activities

22
Q

What is an example of data distributed by an orginization or individual?

A

Industry or market data distributed by a research firm

23
Q

What is an example of data collected by the outcome of a designed experiment?

A

Market testing of promotions or product variations

24
Q

What is an example of data collected by survey?

A

Customer surveys on product satisfaction

25
Q

What is an example of data collected from observational studies?

A

Measuring the volume of traffic through an intersection, or eliciting unstructured responses to open-ended questions

26
Q

What is an example of data collected from ongoing business activities?

A

Economists using data to forecast future economic conditions