1.1 KiB
1.1 KiB
(Ch 19, stat 1040)
| Term | Definition |
|---|---|
| Qualitative | A descriptive value (red, blue, high, low) |
| Quantitative | A numerical value (7, 8, 9) |
| Population | The entire set of existing units that investigators wish to study |
| Sample | A portion or subset of the population |
| Parameter | A number that describes a characteristic of a population (10% of US senators voted for something) |
| Statistic | A number that describes a sample characteristic (71% of Americans feel that ...) |
A global consumer survey reported that 6% of US taxpayers used or owned cryptocurrency in 2020. The US government is interested in knowing if this percentage has increased. The University of Chicago surveys 1,004 taxpayers and finds that 13% have used or owned crypto in the past year (2021)
In the above example:
- The population was US taxpayers
- The parameter was 6%
- The sample was 1004 taxpayers
- The statistic was 13%
Simple Random Samples
Advantages:
- Procedure is impartial
- Law of Averages Disadvantages
- Not always possible
- Can be very expensive