Answer to Question #272932 in Macroeconomics for Butzin

Question

Discuss the 3 types of data used in economics.  

Answer 1

The following 3 types are distinguished:

-Cross section data Spatial is the data collected about a set of objects at one point in time.

-Time series. A time series refers to data about one object collected over several consecutive time ticks.

-Panel data Panel data are data on several objects measured over several time cycles.