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ECO 203 Ch.1

TermDefinition
Very useful for looking at the distribution of numerical data Histogram
The number of observations in a data set that take on any given value Frequency Distribution
The percent of observations in a data set that take on any given value Relative Frequency Distribution
They show a distribution of data, categorical data that can be lumped into discrete non-rank-able categories such as what color shirts people are wearing (red, green, blue) and what industries employ graduates (finance, banking, accounting) Bar Graph
Great for showing the relationship between two sets of numerical data. It helps us to understand the relationship between the two variables. Scatter Plot
Visualizations perfect for showing portions of data. These portions always add to 100%. Best used for categorical data Pie Charts
Used to look at evolution of a data series over time. Can be used to plot multiple series for comparison. Examples: stock prices, Company Sales, Unemployment. Line Plots/ Time Series Lines
Created by: acorso3