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Level of measurement or scale of measure is a classification that describes the nature of information within the values assigned to variables. [1] Psychologist Stanley Smith Stevens developed the best-known classification with four levels, or scales, of measurement: nominal, ordinal, interval, and ratio. [1][2] This framework of distinguishing ...
For example, both 1 ⁄ 2 inch and 15 millimetres (0.59 in) copper pipe is actually the same pipe which has a nominal internal diameter of 1 ⁄ 2 an inch and a nominal external diameter of 15 millimetres [6] (diameter is always internal in the imperial measurement system and always external in metric).
The real value is the value expressed in terms of purchasing power in the base year. The index price divided by its base-year value gives the growth factor of the price index. Real values can be found by dividing the nominal value by the growth factor of a price index. Using the price index growth factor as a divisor for converting a nominal ...
Categorical variable. In statistics, a categorical variable (also called qualitative variable) is a variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual or other unit of observation to a particular group or nominal category on the basis of some qualitative property. [1]
Introduction to nominal data. A variable used to associate each data point in a set of observations, or in a particular instance, to a certain qualitative category is a categorical variable. Categorical variables have two types of scales, ordinal and nominal. [1] The first type of categorical scale is dependent on natural ordering, levels that ...
Measurement in economics. The measures used in economics are physical measures, nominal price value measures and fixed price value measures. These measures differ from one another by the variables they measure and by the variables excluded from measurements. The measurable variables in economics are quantity, quality and distribution.
Statistical data type. In statistics, groups of individual data points may be classified as belonging to any of various statistical data types, e.g. categorical ("red", "blue", "green"), real number (1.68, −5, 1.7 × 10+6), odd number (1,3,5) etc. The data type is a fundamental component of the semantic content of the variable, and controls ...
Real gross domestic product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). [1] This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. Although GDP is total output, it is primarily useful because it closely ...