he GDP and selected indicators for the United States, years 2019 and 2020, are found below. What are the explanatory and response variables? National Accounts, Current Prices, Non-Seasonally Adjusted 2019 2020 Gross Domestic Product, Nominal, Domestic Currency 21,433,226.30 20,932,758.50 Household Consumption Expenditure, incl. NPISHs, Nominal, Domestic Currency 14,544,600.80 14,147,416.30 Government Consumption Expenditure, Nominal, Domestic Currency 2,995,056.00 3,037,173.30 Gross Fixed Capital Formation, Nominal, Domestic Currency 4,454,940.30 4,470,361.50 Change in Inventories, Nominal, Domestic Currency 49,100.00 -76,963.30 Exports of Goods and Services, Nominal, Domestic Currency 2,514,750.80 2,126,394.50 Imports of Goods and Services, Nominal, Domestic Currency 3,125,221.30 2,771,623.50
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
he GDP and selected indicators for the United States, years 2019 and 2020, are found below. What are the explanatory and response variables?
|
National Accounts, Current Prices, Non-Seasonally Adjusted |
2019 |
2020 |
|
Gross Domestic Product, Nominal, Domestic Currency |
21,433,226.30 |
20,932,758.50 |
|
Household Consumption Expenditure, incl. NPISHs, Nominal, Domestic Currency |
14,544,600.80 |
14,147,416.30 |
|
Government Consumption Expenditure, Nominal, Domestic Currency |
2,995,056.00 |
3,037,173.30 |
|
Gross Fixed Capital Formation, Nominal, Domestic Currency |
4,454,940.30 |
4,470,361.50 |
|
Change in Inventories, Nominal, Domestic Currency |
49,100.00 |
-76,963.30 |
|
Exports of Goods and Services, Nominal, Domestic Currency |
2,514,750.80 |
2,126,394.50 |
|
Imports of Goods and Services, Nominal, Domestic Currency |
3,125,221.30 |
2,771,623.50 |
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