Explain the Purpose of Descriptive Statistics

question 116

Short Answer

Explain the purpose of descriptive statistics.

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Definitions:

Quantity Theory

A theory in economics that argues the general price level of goods and services is directly proportional to the amount of money in circulation.

Equation of Exchange

An economic equation that relates the quantity of money, its velocity, and the price level of goods and services to the nominal value of transactions.

Inflation Rate

The uptick in percentage of goods and services' prices in an economy throughout a certain duration.

Annual Income

The total amount of income earned over a year from all sources including wages, salaries, bonuses, dividends, and interest.