Regression: Multiple - Qualitative info & heteroscedasticity

4 important questions on Regression: Multiple - Qualitative info & heteroscedasticity

What does cross-sectional data mean?

A cross-sectional data set consists of a sample of individuals, households, firms, countries, etc taken at a given point in time (through random sampling).

What does Time Series Data mean?

A time series data set consists of observations on a variable or several variables over time (GDP, money supply)

What does pooled cross sections mean?

Such data have both cross-sectional data and time series features. (Random sampling of households in 1985 with variables like income)
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What does panel data mean?

A panel data set consists of a time series for each cross-sectional member in the data set.
Key distinction with pooled cross sectional data is that the same cross-sectional data are followed over a given time period.

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