Using Data to Estimate What Is Likely to Occur in the Future

question 122

Multiple Choice

Using data to estimate what is likely to occur in the future is an example of:

• A)predictive analytics.
• B)prescriptive analytics.
• C)descriptive analytics.
• D)diagnostic analytics.

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Definitions:

Equilibrium Price

Equilibrium price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate the economic well-being of individuals and society.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefits to all participants in the market transaction.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.