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Economic data are data describing an actual economy, past or present.These are typically found in time-series form, that is, covering more than one time period (say the monthly unemployment rate for the last five years) or in cross-sectional data in one time period (say for consumption and income levels for sample households).
While open data may theoretically have a low production cost, the cost of creating the original data set as well as maintaining that data once it is produced can be expensive. [1] Though the creation of data may be expensive governments around the world such as France, the United States, and Japan, are anticipating substantial economic growth. [2]
Data collection or data gathering is the process of gathering and measuring information on targeted variables in an established system, which then enables one to answer relevant questions and evaluate outcomes. The data may also be collected from sensors in the environment, including traffic cameras, satellites, recording devices, etc.
Data processing is the collection and manipulation of digital data to produce meaningful information. [1] Data processing is a form of information processing , which is the modification (processing) of information in any manner detectable by an observer.
The human-driven data economy is a fair and functioning data economy in which data is controlled and used fairly and ethically in a human-oriented manner. [8] [9] The human-driven data economy is linked to the MyData Movement and is a human-centered approach to personal data management. [10]
An economy [a] is an area of the production, distribution and trade, as well as consumption of goods and services.In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. [3]
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".