What Are Some of the Errors and Inconsistencies in Data

question 54

Essay

What are some of the errors and inconsistencies in data that the cleansing process is looking to rectify?

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Definitions:

Autonomous Consumption

The level of consumption that does not change with fluctuation in income; it is the consumption level when income is zero.

Consumption

The use of goods and services by households, representing one of the primary components of gross domestic product (GDP).

Disposable Income

The aggregate financial resource for households to allocate towards spending and saving after mitigating income taxes.

Induced Consumption

Consumer spending that increases when income increases and decreases when income decreases, other than spending necessary for basic needs.