1. Statistics Applied to Economics I
ECN 3971
Dr. Ali R. Moshtagh
2605 Coleman Hall
(217)
Office Hours
10: :50 MWF
8:30 - 9:20 TR

2. What is Statistics?
Statistics is the science of collecting, describing, analyzing and interpreting data for the purposes of making decisions.

3. Three Terms Describe Statistics
Descriptive Statistics
involves computing summary measures and constructing graphs, tables and charts to illustrate those measures;
Probability
involves the measurement of the uncertainty that the decision maker feels about the occurrence of some outcome;

4. Three Terms Describe Statistics
Inference
involves drawing conclusions about a large body of data when only a small portion of those data has actually been observed.