2) A more theoretical concept and doesn't depend on any statistical reason - Causation
3) An analysis, the primary objective is to measure the strength or between the variables - Correlation
4) A set of data which collected at regular time intervals such as daily, weekly, annually etc. - Time Series Data
5) Data which collected at the same point of time - Cross Sectional Data
6) The combination of time series and cross sectional data - Pooled data
7) A state in which data has the same variances as opposed to heteroscedasticity where variance are different - Homoscedasticity
8) When all resources are being used, an increase in the production of one good will lead to greater foregone production of another good - Law of increasing opportunity cost
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