L1 Flashcards
What is economics?
as a science that preaches
efficiency to deal with limitations when using scarce resources in satisfaction of needs and
wants
What is statistics?
is a field of study focused on how to treat data
Two branches of statistics
descriptive statistics and inferential statistics
what is descriptive statistics
A branch of statistics that focuses on the field of describing the data.
process of collection, classification, summary, and presentation of data.
what is inferential statistics
provides tools for its users helpful in concluding a population
what is population
is a complete count of the individuals covered by the scope of the study
what is sample
is a fraction or a small number from the population
what is a population parameter
is a measurement describing a characteristics of the population
what is a simple statistic
is a measurement describing a characteristics of the sample
it provides tools for its users helpful in concluding a population
inferential statistics
is a field of study focused on how to treat a data
statistics
a study on how to distribute limited/scarce resources to individuals who have unlimited wants/needs
economics
understanding a specific problem
economics
focuses on describing the data, discusses the collection, classification, summary, and presentation of data
descriptive statistics
discuss the relationship between economics and statistics
the relationship between economics and statistics is that economics deals with how to distribute limited resources to individuals with unlimited needs and wants and with the help of statistics, it gives us the ability to understand and make decisions out of those data through methods, models, or graphs because it provides us an accurate number, where we could achieve efficient usage of those limited resources and establish limitations
