Explain the Characteristics of Big Data

question 2

Essay

Explain the characteristics of big data.Describe two sources of big data collected by enterprises.

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Definitions:

Income Effect

The change in an individual's or market's consumption resulting from a change in real income.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Convex Preferences

A preference structure where a consumer prefers mixtures or averages of two goods or bundles to extreme amounts of one good or bundle.

Utility Function

A mathematical representation in economics that quantifies the satisfaction or happiness an individual gains from consuming various bundles of goods and services.