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Chapter 1: Data and Statistics 2023 with verified questions and answers
Statistics 
Can refer to numerical facts such as averages, medians, percent's, and index numbers that help us understand a variety of business and economic situations 
can also refer to the art and science of collecting analyzing and presenting interpreting data 
 
 
 
Data 
the facts and figures collected, analyzed, and summarized for presentation and interpretation 
 
 
 
 
Data Sets 
All the data collected in a particular study 
 
 
 
Elements 
The entities on which data are collected 
 
 
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