# Econ definitions (Chapt 3)

## Terms

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- coefficient of determination
- Goodness of fit measure for a regression model
- coefficient of variation
- Standard deviation divided by the mean
- correlation coefficient
- Comovement indicator for two variables
- cross section
- Data from a common point in time
- degrees of freedom
- Number of observations beyond the minimum required to calculate a statistic
- dependent variable
- Y value contingent upon other separately determined X values
- deterministic relation
- Relation known with certainty
- F statistic
- Offers evidence if explained variation in Y is significant
- hypothesis test
- Statistical experiment
- independent variable
- X value determined separately from the process used to create Y
- linear model
- Straight-line relation
- mean
- Average
- median
- â€œMiddleâ€ observation
- mode
- Most common value
- multiple regression model
- Relation with one dependent Y variable and more than one independent X variable
- multiplicative model
- Log-linear relation
- population parameters
- Summary and descriptive measures for the population
- population standard deviation
- Square root of the population variance
- population variance
- Average squared deviation from the overall mean
- range
- Scope from largest to smallest observations
- sample standard deviation
- Square root of the population variance
- sample statistics
- Summary and descriptive measures for a sample
- sample variance
- Average squared deviation from the sample mean
- simple regression model
- Relation with one dependent Y variable and one independent X variable
- skewness
- Lack of balance
- standard error of the estimate
- Standard deviation of the dependent Y variable after controlling for all X variables
- statistical relation
- Inexact relation
- symmetrical
- Balanced distribution
- t statistic
- Approximately normal test statistic
- time series
- Daily, weekly, monthly or annual sequence of data
- Type I error
- Incorrect rejection of a true hypothesis
- Type II error
- Failure to reject a false hypothesis
- z statistic
- Normally distributed test statistic with zero mean and standard deviation of one