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Briefly explain the economic concept of elasticity.
Measurement Error
Nonsampling error that results from the incorrect measurement of the population characteristic of interest.
Big Data
Refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Veracity
The reliability of the data generated.
Wide Data
A data set that has so many variables that simultaneous consideration of all variables is infeasible.
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