In general, we use sample data rather than population data for two main reasons: (1) obtaining information

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In general, we use sample data rather than population data for two main reasons:

(1) obtaining information on the entire population is expensive, and/or (2) it is impossible to examine every item of the population.

Cross-sectional data contain values of a characteristic of many subjects at the same point in time or without regard to differences in time. Time series data contain values of a characteristic of a subject over time. P-7

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