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Flashcards in Unit 1 : Economic Questions and Data Deck (2)
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1

What does ceteris paribus mean?

This means 'all other things being constant'.

2

What is the difference between cross-sectional data and time-series data?

What is panel data?

Cross-sectional data looks at data from different subjects at one point in time (e.g. current obesity levels across Scotland) whereas time-series would look at differing data across several periods of time (e.g. how has obesity levels changed in Aberdeen from 2000 - 2010?)

Panel data is when you study different subjects across different time periods (almost a mix between the two), i.e. (How has obesity levels hanged across Scotland from 2010 onward?)