Question

Distinguish between time series data and cross section data

Answer 1

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A time series is a series of data points indexed in time order. Most commonly, a time series is a sequence taken at successive equally spaced points in time. Thus it is a sequence of discrete-time data.

Cross-sectional data, or a cross section of a study population, in statistics and econometrics is a type of data collected by observing many subjects (such as individuals, firms, countries, or regions) at the same point of time, or without regard to differences in time.