Which term refers to a subset of the population?

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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 that refers to a subset of the population is "sample." In statistics, a sample is a smaller group selected from a larger population, which allows researchers to analyze and make inferences about the population without needing to collect data from every individual within it. This approach is particularly useful when it's impractical or impossible to gather data from the entire population due to constraints like time, resources, or accessibility.

A sample is ideally representative of the population, ensuring that the findings can be generalized back to the broader group. Various techniques, such as random sampling, are used to enhance the representativeness of a sample. This concept is fundamental in statistics, as drawing conclusions from a sample can lead to insights about population characteristics while minimizing costs and effort. Understanding this term is crucial for anyone looking to analyze data or conduct research effectively.

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