chap01_outline - Chapter 1 Outline Introduction No doubt...

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Chapter 1 Outline Introduction No doubt you have noticed the large number of facts and figures, often referred to as statistics , that appear in the newspapers and magazines you read, websites you visit, television you watch (especially sporting events), and in grocery stores where you shop. A simple figure is called a statistic (singular). A few examples: The newest data show high-income taxpayers earning more money; top 1% earned almost 1/5 of the nation’s income and paid over 34% of the nation’s federal individual income tax. (www.taxfoundation.org/prtopincome.html) Forest Laboratories, Inc. had a 25% increase in earnings per share for the first quarter of fiscal year 2005. ( Forest Laboratories News , July 2004). The average sale price per square foot for multi-family sales of apartment buildings in 2003 was $32.43. ( Noneman Real Estate Investment Letter , July 2004) During the week of July 31, 2004 North American car and truck production included 92,283 U.S. cars and 144,812 U.S. trucks. (www.autonews.com). The median price of an existing family home in Austin, Texas is $157,750, down 1.0% ( Austin Board of Realtor , June 23, 2004). The Dow Jones Industrial Average (DJIA) closed this week at 10,139.71. ( Toledo Blade, July 30, 2004) Forest Laboratories increase in earnings of 25 percent is a statistic (singular). The Dow Jones average of 10,139.71 is a statistic. A collection of figures is called statistics (plural). An example from the August 2, 2004 USA Today daily feature on the “Moneyline” is shown on the right. You may think of statistics simply as a collection of numerical information. However, statistics has a much broader meaning. Statistics : The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. Note in this definition of statistics that the initial step is the collection of pertinent information. This information may come from newspapers or magazines, various websites, a company's human relations director, the local, state, or federal government, universities, nonprofit organizations, the United Nations, and so on. A few actual publications of the federal government and others are: Statistical Abstract of the United States , published annually by the U.S. Department of Commerce. Monthly Labor Review , published monthly by the U.S. Department of Labor. Survey of Current Business , published monthly by the U.S. Department of Commerce. Social Security Bulletin , published annually by the U.S. Social Security Administration . Markets Dow Jones Industrial Average 10,139.71 NASDAQ composite 1887.36 T-bond, 30 year yield 5.20% Oil, light sweet crude, barrel $43.80 U.S. dollar, yen per dollar 111.22
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Crime in the United States , published annually by the U.S. Federal Bureau of Investigation. Hospital Statistics
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This note was uploaded on 04/21/2008 for the course ECON 2105 taught by Professor Kassis during the Spring '08 term at University of West Georgia.

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chap01_outline - Chapter 1 Outline Introduction No doubt...

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