ECONOMICS
A science that studies the interaction, behavior, and other topics related to humans' relationship with society.
Social Science
Whatever must be given up to obtain some items.
Opportunity Cost
A person height
Continuous
analysis based on the statistical summary of data
Quanitative
separating population into homogeneous groups called strata and obtaining a random sample from each strata
Stratified sampling
The study of how people in society ration the commodities they have. It enhances and sustains the way of life.
Economics
This can occur in production when you add variable resources to fix resources
diminishing marginal returns
Time in a race
Continuous
analysis that results in the interpretation of action or representations of
Qualitative
Generic term for selecting a sample randomly
simple random sample
Something that induces a person to do something
Incentives
Overall, what statistics give us that we look at?
Data
The number of students in a class
Discrete
The baby weighs 20 pounds?
Quantitative
A way of sampling by taking chunks of a population
Cluster sampling
A determinant of price is balanced by the demand and amount of goods and services available. Resources are finite.
Scarcity
A subset of the population
Sample
The numbers on a dice
Discrete
My friend is very happy.
Qualitative
What is something people take to give feedback on their personal experience?
Survey
The more we consume a good the less satisfaction we derive.
Law of diminishing marginal utility
The entire group of individuals to be studied
Population
The length of a leaf
continuous
The sky is greyish-blue
Qualitative
What's the difference between nominal and Real
Nominal has to deal with money and real deals with commodities or quantities
What theory explains the interaction between the sellers of a resource and the buyers of that resource?
Law of supply and demand
What is a numerical summary of the population?
Parameter
The number of people sitting on a bus
Discrete
Eye Color of students
Qualitative
Qualitative or Quantitative. Categorized in order, or ranking but differences between data entries is not meaningful.
Ordinal