The Structure of Economic Data
After reading the materials on The Structure of Economic Data do the following quiz Click here for the module quiz https://forms.gle/NJBiecNKc3DqhXfT6 Economic data sets come in a variety of types. We next describe the most important data structures encountered in applied work. Cross-Sectional Data A cross-sectional data set consists of a sample of individuals, households, firms, cities, states, countries, or a variety of other units, taken at a given point in time. An important feature of cross-sectional data is that we can often assume that they have been obtained by random sampling from the underlying population. For example, if we obtain information on wages, education, experience, and other characteristics by randomly drawing 500 people from the working population, then we have a random sample from the population of all working people. Cross-sectional data are widely used in economics and other social sciences. In economics, the analysis of cross-sectional data is clos
