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ECO 203 Ch.1
Term | Definition |
---|---|
Very useful for looking at the distribution of numerical data | Histogram |
The number of observations in a data set that take on any given value | Frequency Distribution |
The percent of observations in a data set that take on any given value | Relative Frequency Distribution |
They show a distribution of data, categorical data that can be lumped into discrete non-rank-able categories such as what color shirts people are wearing (red, green, blue) and what industries employ graduates (finance, banking, accounting) | Bar Graph |
Great for showing the relationship between two sets of numerical data. It helps us to understand the relationship between the two variables. | Scatter Plot |
Visualizations perfect for showing portions of data. These portions always add to 100%. Best used for categorical data | Pie Charts |
Used to look at evolution of a data series over time. Can be used to plot multiple series for comparison. Examples: stock prices, Company Sales, Unemployment. | Line Plots/ Time Series Lines |