What Is Data Mining

question 15

Short Answer

What is data mining?
A. A particular attribute of information.
B. A common term for the representation of multidimensional data.
C. The process of analyzing data to extract information that is not affected by the raw data alone.
D. None of the above is correct.

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Definitions:

Consumer Demand

The desire and willingness of consumers to purchase goods and services at various price points.

Your Gut

Colloquial term referring to an individual's instinctive reaction or initial feelings about a decision or situation, often sans empirical evidence.

Inelastic Product

A product or service whose demand does not significantly change with variations in its price.

Substitutes

Products or services that can be used in place of another to satisfy consumer needs or desires.