Descriptive Statistics - Collecting Data Key Terms

Flashcards covering key data points and introductory concepts from Chapter 1 Section 1.1.1 on Descriptive Statistics.

Descriptive Statistics

The branch of statistics introduced in Chapter 1 focused on collecting, organizing, and summarizing data.

Median Price of Houses Sold in the US (May 2022)

The median price of houses sold in the US in May 2022 was $\\text{S}428,700$, representing an increase of $20\%$ from April 2021.

Median Household Annual Income (2022)

The median household annual income in the US in 2022 was $\\text{S}67,521$.

Homeownership Percentage (2022)

The statistic stating that $65\%$ of homes are owned by the people who live there.

Average Price of Gasoline (2022)

The average price of gasoline in the US, which was $\\text{S}3.41$ per gallon in January 2022 and $\\text{S}4.55$ per gallon in May 2022.

US Population by Race (2022)

The demographic breakdown of the US population, reported as $60\%$ white, $18\%$ hispanic, $13\%$ black, $6\%$ asian, and $3\%$ mixed.