Interval Data May Be Treated as Ordinal or Nominal

question 70

True/False

Interval data may be treated as ordinal or nominal.

---

Definitions:

Outputs

Refers to the goods or services produced by a business or an economic system.

Factor of Production

An input used in the production of goods and services, including land, labor, capital, and entrepreneurship.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Education and Knowledge

Education and knowledge pertain to the process of acquiring information, skills, values, and understanding through experiences, schooling, and study, which collectively empower individuals and societies.