Difference between discrete and continuous in economics
Answers
Variable refers to the quantity that changes its value, which can be measured. It is of two types, i.e. discrete or continuous variable. The former refers to the one that has a certain number of values, while the latter implies the one that can take any value between a given range.
Data can be understood as the quantitative information about a specific characteristic. The characteristic can be qualitative or quantitative, but for the purpose of statistical analysis, the qualitative characteristic is transformed into quantitative one, by providing numerical data of that characteristic. So, the quantitative characteristic is known as a variable. Here in this article, we are going to talk about the discrete and continuous variable.
Comparison Chart
BASIS FOR COMPARISON DISCRETE VARIABLE CONTINUOUS VARIABLE
Meaning Discrete variable refers to the variable that assumes a finite number of isolated values. Continuous variable alludes to the a variable which assumes infinite number of different values.
Range of specified number Complete Incomplete
Values Values are obtained by counting. Values are obtained by measuring.
Classification Non-overlapping Overlapping
Assumes Distinct or separate values. Any value between the two values.
Represented by Isolated points Connected points