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3 types of variables?
controlled,manipulated,responding variables
Define and differentiate between endogenous and exogenous variables?
The endogenous variables value is established by the conditions of the other variables in the structure. The exogenous variables value in independent of the conditions of the other variables in the structure. The difference between the endogenous and exogenous variables is the endogenous depends solely on the structure and the exogenous depend on outside elements.
What is descriptive investigation?
a descriptive investigation is a scientific ivestigation that collects data which measure or decribe objects or events. it collects qualitative & quantitative data. it includes a question, but no hypothesis ; no variables are manipulated .
What is the major difference between a mathematical model and an econometric model?
Mathematical model is exact in nature.it has Beta zero and Beta one and no stochastic or disturbance variables. Econometric model represents omitted variable, error in measurement and stochastic variables.
What are differences between the system variables and the system parameters?
A parameter is a limit: could be a speed limit on the road. A variable is something that changes in the system: could be the actual speed of a car.
