Economic Statistics
- Sciences
- 300 level
- 2 credit units
- 223 pages
- 15 units
This course introduces students to the fundamental concepts of economic statistics and their application to real-world economic problems. It covers descriptive statistics, measures of location and dispersion, probability theory, statistical inference, index numbers, purchasing power parity, human development, corruption indices, and economic liberalization. The course aims to equip students with the tools to analyze economic data and make informed decisions.
About this course
- Difficulty
- Intermediate
- Study hours
- 208 hours
- Maths
- Intermediate
- Content
- Theoretical, problem solving
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of DAM363, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
DAM363 · UNIT 1 STATISTICS AS AN APPLIED TOOL TO ECONOMIC PROBLEMS
Statistical analysis begins with the collection of data. The way this is done is probably the most important aspect of the investigation because, any interpretation of the figures will be faulty if the data on which it is based is unreliable; when this happens, bias does exist.
What you should be able to do
- Explain the concept of applied statistics.
- Apply statistical tools to solve real-life economic problems.
- Describe measures of dispersion and probability theory.
- Explain the concept of estimation and hypothesis testing in statistical inference.
- Explain index numbers and their application to solve economic problems.
- Explain the concept of purchasing power parity and its application to evaluate the economic health of nations.
- Explain the concept of human development and its measurement.
- Describe the basic concept of corruption indexes, effects, problems and the solutions to the problems of corruption on the economy.
- Describe the concept of economic liberalization and globalization.
What it prepares you for
- Economist
- Statistician
- Data Analyst
- Financial Analyst
- Policy Analyst
- Government Agencies
- Financial Institutions
- Research Organizations
- Consulting Firms
- International Organizations
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Statistical Inference
Unit 2: Hypothesis Testing
Hypothesis testing requires a solid understanding of statistical distributions and significance levels, which can be challenging for students new to statistical inference.
- Module 4: Purchasing Power Parity
Unit 2: Purchasing Power Parity as Exchange Rate Determination
Understanding the nuances of PPP and its limitations requires grasping international economics concepts and real-world market dynamics.
A suggested way through it
13 weeks, about 28 hours in total. Yours will differ.
- Week 1Module 1: Introduction to Economic Statistics
Unit 1: Statistics as an Applied Tool to Economic Problems · 2 hours
Read Unit 1: Understand the definition of statistics and its application to economic problems.. Identify and differentiate between primary and secondary data.. Describe various sampling techniques and their uses..
- Week 2Module 1: Introduction to Economic Statistics
Unit 2: Descriptive Statistics: Measures of Location · 2 hours
Calculate the arithmetic mean for grouped and ungrouped data.. Determine the median and mode for various data sets.. Discuss the advantages and disadvantages of measures of location..
- Week 3Module 1: Introduction to Economic Statistics
Unit 3: Descriptive Statistics: Measures of Dispersion · 2 hours
Calculate the range, interquartile range, and standard deviation.. Compare different measures of dispersion and their applications.. Determine deciles and percentiles for a given data set..
- Week 4Module 1: Introduction to Economic Statistics
Unit 4: Introduction to Probability and Distribution · 2 hours
Explain basic probability concepts and approaches.. Apply rules of probability to solve problems.. Understand random variables and probability distributions..
- Week 5Module 2: Statistical Inference
Unit 1: Estimation · 2 hours
Explain the concept of estimation and different types of estimators.. Calculate confidence intervals for population means.. Understand the uses of sampling for making inferences..
- Week 6Module 2: Statistical Inference
Unit 2: Hypothesis Testing · 2 hours
Explain the basic concepts of hypothesis testing.. Identify test statistics and rejection regions.. Perform hypothesis tests on the differences between two means..
- Week 7Module 3: Index Number
Unit 1: Basic Understanding of Index Number · 2 hours
Understand the basic concepts of index numbers.. Calculate simple and weighted price indexes.. Apply index numbers to economic problems..
- Week 8Module 3: Index Number
Unit 2: CPI and other Forms of Index Number · 2 hours
Calculate CPI and other forms of index numbers.. Apply CPI to deflate a time series.. Understand the uses of producer price indexes and GDP deflator..
- Week 9Module 3: Index Number
Unit 3: Application of Index Number to Economic Problems · 2 hours
Apply index numbers to solve economic problems.. Measure macroeconomic variables using real and nominal values.. Understand the applications of index numbers in economic analysis..
Unit 4: Measure of Macroeconomic Variables (Real and Nominal Values) · 2 hours
Differentiate between real and nominal values.. Apply real and nominal values to measure macroeconomic variables..
- Week 10Module 4: Purchasing Power Parity
Unit 1: The Meaning of Purchasing Power Parity · 2 hours
Understand the meaning of purchasing power parity (PPP).. Explain PPP as an exchange rate determination.. Discuss the problems with the PPP theory..
- Week 11Module 4: Purchasing Power Parity
Unit 2: Purchasing Power Parity as Exchange Rate Determination · 2 hours
Apply PPP to analyze exchange rate determination.. Understand the PPP equilibrium story and its implications..
- Week 12Module 5: Human Development
Unit 1: Human Development Indices · 2 hours
Explain the concept of human development and its measurement.. Understand human development indices and their components..
- Week 13Module 6: Measure of Corruption
Unit 1: Measure of Corruption as a Menace to the Economy · 2 hours
Describe the basic concept of corruption indices.. Explain the effects and problems of corruption on the economy.. Discuss solutions to the problems of corruption..
Preparing for the exam
- Review all unit objectives and ensure you can meet them.
- Practice solving numerical problems from each unit, focusing on index numbers and hypothesis testing.
- Create summaries of key concepts and formulas for quick reference.
- Allocate sufficient time to review tutor-marked assignments and understand the feedback.
- Focus on understanding the assumptions and limitations of each statistical method.
- Practice applying statistical tools to real-world economic scenarios.
Questions students ask about this course
What is DAM363 about?
This course introduces students to the fundamental concepts of economic statistics and their application to real-world economic problems. It covers descriptive statistics, measures of location and dispersion, probability theory, statistical inference, index numbers, purchasing power parity, human development, corruption indices, and economic liberalization. The course aims to equip students with the tools to analyze economic data and make informed decisions.
How many units does DAM363 have?
DAM363, Economic Statistics, has 15 units across 7 modules, over 223 pages of course material. You can read it one unit at a time.
How many credit units is DAM363?
DAM363 carries 2 credit units, at 300 level in Sciences.
Is DAM363 hard?
DAM363 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical and problem solving work.
How long does DAM363 take to study?
About 208 hours of study, spread across its 15 units.
How is DAM363 assessed?
DAM363 is assessed by assignments, tutor marked assessments and final examination.
What can I do with DAM363?
Economist, Statistician, Data Analyst, Financial Analyst and Policy Analyst.