Question

1. Explain the difference between time series data and cross-sectional data. Provide examples

of each type of data.

Answer 1

The distinction between time series and cross sectional data is that time series data, centers around similar variable throughout some undefined time frame while cross sectional data, centers around a few factors at a similar point of time. Various data types utilize different dissecting strategies. For instance, profit of an organization over a time frame of 5 years is an example of a time series data while maximum temperature of a majority of urban centers on a single day is an example of a cross sectional data.