Finding Data - Video guide for ECON 300
The words 'data' and 'statistics' are often used interchangeably, and they can overlap, but they are different. Data are records of individual facts, and are the raw information from which statistics are derived. Or, statistics are conclusions, interpretations, or summaries you derive from analyzing data.
Example: "33.1% of American adults have a college degree" is a statistic, calculated from data about the US population collected by the US Census Bureau.
Data:
Statistics:
If you want to know "how much" or "how many" of something, or need a fact to support an argument or a claim - to use something already known for a new purpose - you are probably looking for statistics. If the statistics you want do not exist, you may have to analyze data to derive the desired statistics.
If you want to figure out "how" or "why" something happens - to derive new knowledge - you are probably looking for data to analyze. If the data you want do not exist, you may have to collect and compile your own dataset.