Published Mar 14, 2023
This course introduces students to describing economic data and drawing inferences from features of economic data. Starting from fundamental axioms of probability, students will learn about the calculation of probabilities of basic events and the features of random variables, the most important tool for representing the outcomes of complex economic phenomena. Students will describe discrete and continuous random variables via their probability distributions and summary statistics such as means and standard deviations, as well as the relationships between two random variables in terms of covariance, correlation, and simple regression models. The concepts of hypothesis testing and confidence intervals, and the fundamentals of statistical inference are discussed for basic features of random variables and for comparing the features of more than one random variable.
Prereq: ECON 101 or ECON 100/COMM 103; Not open to students in the Faculty of Mathematics. Coreq: ECON 211 or Science and Business students or Biotech/Chartered Professional Accountancy students.
In this course, we ask how we can use a sample of individuals to make well-reasoned claims about an unobserved population. We start by discussing ways of describing a population. We then learn how probability theory can be used to model uncertain events. Next, we connect these two discussions and derive probability distributions of estimators of population characteristics. These distributions provide a basis for statistical inference about the population. The course introduces some basic forms of statistical modeling in Excel and other statistical packages.
| Use lectures, textbook readings, and practice in solving problems by hand and spreadsheet calculations to obtain a basic literacy with regard to statistical techniques and data analysis; |
| Get familiar with the use of probability theory in modeling random events; |
| Understand the basis for statistical inference and hypothesis testing. |
This class schedule is tentative. Any necessary modifications to the course content will be communicated to you via email or LEARN Announcements.
Week | Topic | Readings Due |
|---|---|---|
1 | Course Introduction & Sampling and Data | Chapter 1 |
2 | Descriptive Statistics | Chapter 2 |
3 | Probability Topics | Chapter 3 |
4 | Discrete Random Variables | Chapter 4 |
5 | Continuous Random Variables & Midterm 1 | Chapter 5 |
6 | Continuous Random Variables | Chapters 5 & 6 |
7 | The Normal Distribution | Chapter 6 |
8 | The Central Limit Theorem | Chapter 7 |
9 | Confidence Intervals | Chapter 8 |
10 | Introduction to Hypothesis Testing & Midterm 2 | Chapter 9 |
11 | Hypothesis Testing & Linear Regression | Chapters 9 & 13 |
| 12 | Linear Regression | Chapter 13 |
13 | Final Review | |
| Title / Name | Notes / Comments | Required |
|---|---|---|
| Textbook | Introductory Business Statistics from OpenStax | Yes |
Introductory Business Statistics from OpenStax: https://openstax.org/details/books/introductory-business-statistics
Print ISBN 1-947172-46-8
Digital ISBN 1-947172-47-6
Your textbook for this class is available for free online! If you prefer, you can also get a print version at a very low cost via the campus bookstore or from OpenStax on Amazon.com. You can use whichever formats you want. Web view is recommended -- the responsive design works seamlessly on any device. If you buy on Amazon, make sure you use the link on your book page on openstax.org so you get the official OpenStax print version. (Simple printouts sold by third parties on Amazon are not verifiable and not as high-quality.)
Other Resources:
| Component | Value |
|---|---|
| Midterm 1 (June 7, 2023) | 20% |
| Midterm 2 (July 12, 2023) | 20% |
| Assignments (3 @ 5% each) | 15% |
| Tutorial Participation | 10% |
| Final Exam (Comprehensive) | 35% [or 55% by dropping the lower Midterm] |
Submission of Exam Papers
Late submission of exam papers is not accepted and missed submissions will receive a zero mark for whatever reason. Exam papers must be submitted in whole and on time. Exam papers: (a) not submitted on time, (b) submitted with missing pages, or (c) not received at all, will receive a grade of zero for whatever reason. It is the responsibility of students to ensure that they write exams on the date and time assigned to their sections.
Missing the Midterm Exam
Missing the Final Exam
Deferred Final Exam Policy is detailed on the department website in the ‘Resources and Policies’ section of the Undergraduate program page. The web address is: https://uwaterloo.ca/economics/undergraduate/resources-and-policies/deferred-final-exam-policy
To avoid disruptions to the learning environment, handheld devices must be turned off during the lecture and laptops must be used strictly for lecture-related purposes. If a student’s use of a laptop becomes a distraction for adjacent students, that student will be asked to discontinue its use.
We acknowledge that we are living and working on the traditional territory of the Attawandaron (also known as Neutral), Anishinaabe and Haudenosaunee peoples. The University of Waterloo is situated on the Haldimand Tract, the land promised to the Six Nations that includes ten kilometres on each side of the Grand River. For more information about the purpose of territorial acknowledgements, please see the CAUT Guide to Acknowledging Traditional Territory.
Students should be aware that this course contains the intellectual property of their instructor, TA, and/or the University of Waterloo. Intellectual property includes items such as:
Course materials and the intellectual property contained therein, are used to enhance a student’s educational experience. However, sharing this intellectual property without the intellectual property owner’s permission is a violation of intellectual property rights. For this reason, it is necessary to ask the instructor, TA and/or the University of Waterloo for permission before uploading and sharing the intellectual property of others online (e.g., to an online repository).
Permission from an instructor, TA or the University is also necessary before sharing the intellectual property of others from completed courses with students taking the same/similar courses in subsequent terms/years. In many cases, instructors might be happy to allow distribution of certain materials. However, doing so without expressed permission is considered a violation of intellectual property rights.
Please alert the instructor if you become aware of intellectual property belonging to others (past or present) circulating, either through the student body or online. The intellectual property rights owner deserves to know (and may have already given their consent).
All of us need a support system. The faculty and staff in Arts encourage students to seek out mental health support if they are needed.
On Campus
Due to COVID-19 and campus closures, services are available only online or by phone.
Off campus, 24/7
Full details can be found online on the Faculty of Arts website
Download UWaterloo and regional mental health resources (PDF)
Download the WatSafe app to your phone to quickly access mental health support information.
Do you want professors and interviewers to call you by a different first name? Take a minute now to verify or tell us your chosen/preferred first name by logging into WatIAM. Why? Starting in winter 2020, your chosen/preferred first name listed in WatIAM will be used broadly across campus (e.g., LEARN, Quest, WaterlooWorks, WatCard, etc). Note: Your legal first name will always be used on certain official documents. For more details, visit Updating Personal Information.
Important notes:
Policy 33, Ethical Behaviour states, as one of its general principles (Section 1), “The University supports academic freedom for all members of the University community. Academic freedom carries with it the duty to use that freedom in a manner consistent with the scholarly obligation to base teaching and research on an honest and ethical quest for knowledge. In the context of this policy, 'academic freedom' refers to academic activities, including teaching and scholarship, as is articulated in the principles set out in the Memorandum of Agreement between the FAUW and the University of Waterloo, 1998 (Article 6). The academic environment which fosters free debate may from time to time include the presentation or discussion of unpopular opinions or controversial material. Such material shall be dealt with as openly, respectfully and sensitively as possible.” This definition is repeated in Policies 70 and 71, and in the Memorandum of Agreement, Section 6.
No assignment screening will be used in this course.
The instructor and university reserve the right to modify elements of the course during the term. The instructor might need to make changes to course components due to the changes in public health guidelines, changes between in-person and remote instruction, issues with the use of technology and/or uploading files to LEARN. The university may change the dates and deadlines and delivery methods for any or all courses in certain circumstances. If either type of modification becomes necessary, reasonable notice and communication with the students will be given with explanation and the opportunity to comment on changes. It is the responsibility of the students to check their UWaterloo email and course website on LEARN daily during the term and to note any changes.
Students will be able to self-declare COVID-like symptoms, and will upload their completed VIF forms through the Arts Accommodations and Illness page. Accommodation will be made available for students who cannot attend classes due to self-isolation. Assessments other than final exams that are impacted by illness may be re-weighted or deferred at the instructor’s discretion.
Please note that a cross-listed course will count in all respective averages no matter under which rubric it has been taken. For example, a PHIL/PSCI cross-list will count in a Philosophy major average, even if the course was taken under the Political Science rubric.
Academic integrity: In order to maintain a culture of academic integrity, members of the University of Waterloo community are expected to promote honesty, trust, fairness, respect and responsibility. [Check the Office of Academic Integrity for more information.]
Grievance: A student who believes that a decision affecting some aspect of their university life has been unfair or unreasonable may have grounds for initiating a grievance. Read Policy 70, Student Petitions and Grievances, Section 4. When in doubt, please be certain to contact the department’s administrative assistant who will provide further assistance.
Discipline: A student is expected to know what constitutes academic integrity to avoid committing an academic offence, and to take responsibility for their actions. [Check the Office of Academic Integrity for more information.] A student who is unsure whether an action constitutes an offence, or who needs help in learning how to avoid offences (e.g., plagiarism, cheating) or about “rules” for group work/collaboration should seek guidance from the course instructor, academic advisor, or the undergraduate associate dean. For information on categories of offences and types of penalties, students should refer to Policy 71, Student Discipline. For typical penalties, check Guidelines for the Assessment of Penalties.
Appeals: A decision made or penalty imposed under Policy 70, Student Petitions and Grievances (other than a petition) or Policy 71, Student Discipline may be appealed if there is a ground. A student who believes they have a ground for an appeal should refer to Policy 72, Student Appeals.
Note for students with disabilities: AccessAbility Services, located in Needles Hall, Room 1401, collaborates with all academic departments to arrange appropriate accommodations for students with disabilities without compromising the academic integrity of the curriculum. If you require academic accommodations to lessen the impact of your disability, please register with AccessAbility Services at the beginning of each academic term.
Turnitin.com: Text matching software (Turnitin®) may be used to screen assignments in this course. Turnitin® is used to verify that all materials and sources in assignments are documented. Students' submissions are stored on a U.S. server, therefore students must be given an alternative (e.g., scaffolded assignment or annotated bibliography), if they are concerned about their privacy and/or security. Students will be given due notice, in the first week of the term and/or at the time assignment details are provided, about arrangements and alternatives for the use of Turnitin in this course.
It is the responsibility of the student to notify the instructor if they, in the first week of term or at the time assignment details are provided, wish to submit alternate assignment.