ECON 201 Chapter Notes - Chapter 2: Abcc8, Scatter Plot, Panel Data
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ECON 201
Chapter 2
! sur !1 1
Introduction to key ideas
Data analysis
Variables: measures that can take on different values.
Data: recorded values of variables.
Data types
Time-series: a set of measurements made sequentially at different points in time.
High (low) frequency data: series with short (long) intervals between observations.
Cross-section data: values for different variables recorded at a point in time.
Repeated cross-section data: cross-section data recorded at regular or irregular intervals.
Longitudinal data: follow the same units of observation through time.
Percentage changes
Percentage change = [(change in values) / (original value)] × 100.
Consumer prices
Consumer price index: the average price level for consumer goods and services.
Inflation (deflation) rate: the annual percentage increase (decrease) in the level of
consumer prices.
Real price: the actual price adjusted by the general (consumer) price level in the economy.
Index number: value for a variable, or an average of a set of variables, expressed relative
to a given base value.
Data, theory and economic model
House prices — theory
The house prices depends on many things (borrowing cost, mortgage rate…)
House prices — evidence
House prices — inference
Regression line: representation of the average relationship between two variables in a
scatter diagram.
Road facilities — theory, evidence and inference
Ethics, efficiency and beliefs
Positive economics studies objective or scientific explanations of how the economy
functions.
Normative economics offers recommendations that incorporate value judgments.
Economic equity is concerned with the distribution of well-being among members of the
economy.
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Document Summary
Variables: measures that can take on different values. Time-series: a set of measurements made sequentially at different points in time. High (low) frequency data: series with short (long) intervals between observations. Cross-section data: values for different variables recorded at a point in time. Repeated cross-section data: cross-section data recorded at regular or irregular intervals. Longitudinal data: follow the same units of observation through time. Percentage change = [(change in values) / (original value)] 100. Consumer price index: the average price level for consumer goods and services. In ation (de ation) rate: the annual percentage increase (decrease) in the level of consumer prices. Real price: the actual price adjusted by the general (consumer) price level in the economy. Index number: value for a variable, or an average of a set of variables, expressed relative to a given base value. The house prices depends on many things (borrowing cost, mortgage rate )