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Economic Data and Types of Economic Data

Economic data:
Data relating to economic units, which forms the basis of an econometric work, in the course of analyzing an economic phenomenon.

Types of Economic Data
Three important types of economic data are:

1. Cross Sectional Data:- Data relating to an economic unit or units, collected at a particular point in time from multiple sections of the society or the economy.

2. Time Series Data:- Data relating to an economic unit or units, collected at different time points from a particular section or sector of the society or economy

3. Panel Data:- Data relating to an economic unit or units, collected at multiple time points from multiple sections or sectors of the society or economy.