Econ 41

# Econ 41 - CHAPTER 1 Descriptive Statistics Methods for...

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CHAPTER 1 Descriptive Statistics: Methods for organizing and summarizing information. Population: The collection of all individuals or items under consideration in a statistical study. Sample: The part of the population from which information is obtained. Census: Collecting information for the entire population of interest. Inferential Statistics: Methods for drawing and measuring the reliability of conclusions about a population based on information obtained from a sample of that population. Observational Study: Researchers simply observe characteristics and take measurements (e.g. survey). These can only show association. Designed Experiment: Researchers impose treatments and controls and then observe characteristics and take measurements. These can show causation. “Because the study is observational, it does not establish causation. The researchers simply observed two groups. Although as association was established between the two, it may be due to other factors such as…” “Because this is a designed experiment, it helps to establish causation. The researchers did

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Econ 41 - CHAPTER 1 Descriptive Statistics Methods for...

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