Describe what panel data is and the reasons for using it
▪︎Panel data often known as Longitudinal data panel data, is a type of data that includes observations on various cross sections throughout time. In other words, A sort of data called panel data is gathered by experts by keeping track of specific variables over time with regular frequency. This information can aid professionals in identifying trends, drawing correlations, and directing additional research into the panel data's factors.
Various groupings, including nations, companies, people, or demographic categories, can be included in panel data sets. Observations that are gathered regularly and chronologically make up panel data, just like time series data. The observations from a group of persons are included in panel data, much like in cross-sectional data.
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