Statistics for Economist I
- Social Sciences
- 200 level
- 3 credit units
- 153 pages
- 18 units
This course introduces fundamental statistical concepts and techniques essential for economists. It covers probability distributions, hypothesis testing, correlation, and regression analyses. Students will learn to gather and manipulate economic data, perform basic statistical tests, and apply statistical models to real-world scenarios. The course also explores non-parametric methods, sampling theory, and the central limit theorem, equipping students with the skills to solve problems using statistical software and interpret economic data effectively.
About this course
- Difficulty
- Intermediate
- Study hours
- 120 hours
- Maths
- Intermediate
- Content
- Theoretical, practical, case study, problem solving
- Practical work
- Yes
- Assignments
- Tutor Marked Assessments
- Final Examination
What you'll read
The real module and unit structure of ECO253, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO253 · UNIT 2: BINOMIAL DISTRIBUTION
Example 2: There are five flights daily from Pittsburgh via US Airways into the Bradford, Pennsylvania Regional Airport. Suppose the probability that any flight arrives late is .20.
What you should be able to do
- Identify and gather economic data.
- Perform basic data manipulation and hypothesis testing.
- Apply correlation and regression analyses models to data.
- Understand non-parametric methods, elementary sampling theory and design of experiments.
- Discuss in an introductory manner central limit theory and the law of large numbers.
- Solve problems using standard statistical software.
What it prepares you for
- Economist
- Data Analyst
- Market Research Analyst
- Financial Analyst
- Statistician
- Finance
- Economics
- Market Research
- Government
- Consulting
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Statistical Hypothesis Test
Unit 7: Chi square test
Requires understanding of probability distributions and statistical inference concepts.
- Module 3: Correlation and Regression Coefficient Analyses
Unit 12: Methods of Curve and Eye Fitting of Scattered Plot and the Least Square Regression Line
Involves complex calculations and interpretation of regression coefficients.
A suggested way through it
13 weeks, about 34 hours in total. Yours will differ.
- Week 1Module 1: Probability and Statistic Distribution Functions
Unit 1: Bernoulli Distribution · 2 hours
Define Bernoulli distribution and its properties.. Differentiate between discrete and continuous probability distributions.. Solve problems related to Bernoulli trials and processes..
- Week 2Module 1: Probability and Statistic Distribution Functions
Unit 2: Binomial Distribution · 2 hours
Compute probabilities using the binomial probability distribution.. Calculate the mean and standard deviation of binomial random variables.. Apply binomial distribution to economic scenarios..
- Week 3Module 1: Probability and Statistic Distribution Functions
Unit 3: Normal Distribution · 2 hours
State the characteristics of normal probability distribution.. Compute values for normal probability distribution using z-scores.. Compute probabilities from normal distribution tables..
- Week 4Module 1: Probability and Statistic Distribution Functions
Unit 4: Poisson Distribution · 2 hours
State the characteristics of Poisson distribution.. Compute probabilities from Poisson distribution.. Apply Poisson distribution to real-world problems..
- Week 5Module 2: Statistical Hypothesis Test
Unit 1: T- test · 2 hours
Conduct a t-test for a single mean.. Interpret the results of a t-test.. Differentiate between one-tailed and two-tailed tests..
- Week 6Module 2: Statistical Hypothesis Test
Unit 2: F- test · 2 hours
List the characteristics of the F distribution.. Conduct a test of hypothesis to determine whether the variances of two populations are equal.. Interpret the results of an F-test..
- Week 7Module 2: Statistical Hypothesis Test
Unit 3: Chi square test · 2 hours
List the characteristics of the chi-square distribution.. Conduct a chi-square test for goodness of fit.. Compute a chi-square test for independence of attributes..
- Week 8Module 2: Statistical Hypothesis Test
Unit 4: ANOVA · 2 hours
Organize data into a one-way ANOVA table.. Conduct a test of hypothesis among three or more treatment means.. Interpret the results of an ANOVA test..
- Week 9Module 2: Statistical Hypothesis Test
Unit 5: Parametric and Non-Parametric test Methods · 2 hours
Explain the meaning of non-parametric statistics.. Compute the Sign test.. Compute the Kruskal-Wallis test..
- Week 10Module 3: Correlation and Regression Coefficient Analyses
Unit 10: Pearson's Correlation Coefficient · 2 hours
Explain the types of correlation.. Calculate the Pearson's coefficient of correlation.. Interpret the coefficient of correlation..
Unit 11: Spearman's Rank Correlation Coefficient · 2 hours
Explain the meaning of Spearman's Rank Correlation.. Calculate the Spearman's rank correlation coefficient.. Interpret the Spearman's rank correlation coefficient..
- Week 11Module 3: Correlation and Regression Coefficient Analyses
Unit 12: Methods of Curve and Eye Fitting of Scattered Plot and the Least Square Regression Line · 2 hours
Apply methods of curve fitting to scattered plots.. Understand the concept of the least square regression line.. Analyze scattered plots and determine the best-fit curve..
Unit 12: Methods of Curve and Eye Fitting of Scattered Plot and the Least Square Regression Line · 2 hours
Apply the least square regression line.. Understand the concept of the least square regression line.. Analyze regression line..
- Week 12Module 3: Correlation and Regression Coefficient Analyses
Unit 13: Forecasting in Regression · 2 hours
Apply regression models for forecasting.. Understand the concept of forecasting in regression.. Analyze regression for forecasting..
- Week 13Module 5: Index Numbers and Introduction to Research Methods in Social Sciences
Unit 18: Index Number · 2 hours
Review Index Number.. Review Statistical Data.. Review Sample and Sampling Techniques..
Unit 19: Statistical Data · 2 hours
Review Index Number.. Review Statistical Data.. Review Sample and Sampling Techniques..
Unit 20: Sample and Sampling Techniques · 2 hours
Review Index Number.. Review Statistical Data.. Review Sample and Sampling Techniques..
Preparing for the exam
- Review all module objectives and key concepts from each unit.
- Practice solving numerical problems from the examples in the study units.
- Create concept maps linking probability distributions, hypothesis tests, and regression techniques.
- Focus on understanding the assumptions and limitations of each statistical method.
- Practice interpreting statistical results and drawing economic conclusions.
- Review all Tutor Marked Assignments (TMAs) and their solutions.
- Allocate study time proportionally to the weight of each module in the final examination.
Questions students ask about this course
What is ECO253 about?
This course introduces fundamental statistical concepts and techniques essential for economists. It covers probability distributions, hypothesis testing, correlation, and regression analyses. Students will learn to gather and manipulate economic data, perform basic statistical tests, and apply statistical models to real-world scenarios. The course also explores non-parametric methods, sampling theory, and the central limit theorem, equipping students with the skills to solve problems using statistical software and interpret economic data effectively.
How many units does ECO253 have?
ECO253, Statistics for Economist I, has 18 units across 5 modules, over 153 pages of course material. You can read it one unit at a time.
How many credit units is ECO253?
ECO253 carries 3 credit units, at 200 level in Social Sciences.
Is ECO253 hard?
ECO253 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, practical, case study and problem solving work, and it has a practical component.
How long does ECO253 take to study?
About 120 hours of study, spread across its 18 units.
How is ECO253 assessed?
ECO253 is assessed by Assignments, Tutor Marked Assessments and Final Examination.
What can I do with ECO253?
Economist, Data Analyst, Market Research Analyst, Financial Analyst and Statistician.