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Economic Statistics
| Term | Definition |
|---|---|
| Parameters | descriptive measures of population |
| Statistics | descriptive measures of samples |
| Qualitative | categorical, can be nominal or ordinal |
| Nominal | labels |
| Ordinal | ranking or order |
| Quantitative | numerical, can be continuous or discrete |
| Skewedness | shows the symmetry of distribution |
| Modality | bimodal or unimodal |
| Median | used as a central measure when their are outliers |
| Symmetric Distribution | median = mean = mode |
| Variance | the variability of the sample or population |
| Standard deviation | shows whether variables are closer or father away from the average |
| Empirical Rule | looks at the spread of distribution at 68%, 95%, and 99.7% |
| Covariance | the relationship between x & y variables, whether or not they are related |
| Coefficient of Correlation | is the direction and strength of the linear relationship between variables |
| Coefficient of Determination | the amount of variation that the dependent variable has explained by the independent variable |
| Least Squared Method | finding the "best-fit" line for a scatter plot |
| Simple Event | a subset of events |
| Joint Probability | A n B |
| Marginal Probability | P(A) or P(B) |
| Conditional Probability | A given B, P(A|B) |
| Independent Variables | if A and B are independent than P(A|B) = P(A) |
| Discrete Random Variable | countable values |
| Continuous Random Variable | non-countable values |
| 𝜇 | mean, expected return |
| 𝜎^2 | variance |
| 𝜎 | standard deviation |
| s | variance |
| sxy | coefficient of correlation |
| r | coefficient of determination |
| ¯x | mean, expected return |
Created by:
Sunny_Yeah