Collection and Presentation of Data — Flashcards

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Data means quantitative information providing facts in an aggregate manner. It is numerical information that helps in decision-making and economic analysis.

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A single fact is not data because data must be an aggregate of facts. Only when many facts are collected together does it become useful for analysis and comparison.

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The singular of data is datum. Data is a plural term used for a group of facts or figures.

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Quantitative information is information expressed in numbers, such as income, marks, population, savings, height, or expenditure. Economics mainly uses this kind of information for study and analysis.

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These are attributes, not data, because they cannot be measured in numbers. Data must be quantitative, while words like good or beautiful describe qualities.

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Data are influenced by more than one factor. For example, a rise in prices may happen because of reduced supply, increased demand, higher taxes, or higher wages. This makes economic data complex.

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Statistics expects reasonable accuracy, not perfect accuracy. In many real situations, complete accuracy is impossible, so a practical and acceptable level of accuracy is used.

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Data are collected for a specific purpose in advance. This means the collector already knows why the information is being gathered, such as to evaluate performance or plan future action.