Population refers to the entire pool of individuals or entities that share a common characteristic from which statistical samples can be drawn for a study.
A random sample is a subset of individuals selected from a larger population in such a way that every individual has an equal and independent chance of being chosen.
A statistic is a descriptive measure calculated from data sampled from a population, used to make inferences about the overall population. It serves as a fundamental element in the field of statistics, aiding in data analysis, hypothesis testing, and predictive modeling.
In statistics, the term 'universe' represents all possible elements within a particular set. For example, the universe of shoppers in a country would encompass every individual who engages in shopping activities within that country.
