Which term is used for the variable of interest in a set of data?

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Master Arizona State University's ECN221 Business Statistics Exam with our resources. Utilize flashcards and multiple-choice questions. Understand every concept with hints and explanations to excel in your exam!

The term used for the variable of interest in a set of data is "variable." In statistics, a variable is any characteristic, number, or quantity that can be measured or counted. It can take on different values across different observations in a dataset. Variables are crucial because they help researchers understand relationships, patterns, and trends within the data.

When analyzing data, identifying the variable is essential as it dictates the type of analysis to be performed, whether it's quantitative (numerical data) or qualitative (categorical data). Understanding the concept of a variable also allows one to distinguish between different types of data—such as independent and dependent variables in research studies.

The other terms mentioned, such as "data set," refer to the collection of data itself; "element" typically pertains to individual items or units within the data set; and "population" denotes the entire group from which a sample can be drawn. While all these terms are related to data analysis, they do not specifically define the variable of interest that researchers focus on for analysis.

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