What is Marginal Social Benefit? Marginal social benefit is the satisfaction experienced by consumers of a specific good plus or minus the overall environmental and social costs or benefits. For example, if positive externalities of consumption are present, marginal social benefits are larger than marginal private benefits. However, if negative externalities of consumption such as…
What is Jobs Growth? Jobs growth is a statistic that is published and measured by the United States Bureau of Labor Statistics. It measures the amount of new nonfarm payroll employment created monthly in the U.S. The statistic is reported in an employment situation summary published by the Bureau of Labor Statistics. The summary also…
What is the Federal Reserve Board (FRB)? The Federal Reserve Board (FRB), also referred to as the Federal Reserve System’s Board of Governors, is the main governing body of the Federal Reserve System. The FRB is in charge of overseeing the implementation of monetary policy in the United States and overseeing the Federal Reserve Banks….
What is the Federal Open Market Committee (FOMC)? The Federal Open Market Committee (FOMC) is responsible for the monetary policy of the United States by overseeing the open market operations of the country. The FOMC is a part of the Federal Reserve System. Headed by the chair, Jerome H. Powell, the committee comprises twelve total…
What is a Data Mart? A data mart is an access layer of a data warehouse focused on a specific line of business, function, or department. It is used for retrieving client-facing data. A data mart contains a subset of the data that is stored in a data warehouse. Data warehouses are enterprise-wide data storage…
What is Data Analysis? Data analysis is the process of examining, cleansing, transforming, and modeling data with the objective of extracting useful information for decision-making. It is often used in different domains, such as business, science, and the humanities. Types of Data Analysis While many types of data analysis can be used, the following are…
What is a Data Warehouse? A data warehouse (often abbreviated as DW or DWH) is a central data repository used for reporting and data analysis. It can connect to and integrate multiple data sources to provide a common area to generate business insights. History of Data Warehouses The concept of data warehouses first came into…
What is Data Governance? Data governance is the process of managing the availability, usability, integrity, and security of the data in enterprise systems. It is “governed” through internal data standards and policies that control data usage, and effective governance ensures that data is trustworthy, consistent, and does not get misused. Role of Data Governance The…
What is a Database? A database refers to a collection of logically related information organized so that it can be easily accessible, managed, and updated. Databases are generally accessed electronically from a computer system and are usually controlled by a database management system (DBMS). The database administrator (DBA) is the individual responsible for managing the…
What is a Data Engineer? A data engineer is an individual responsible for managing, optimizing, overseeing, and monitoring data retrieval, storage, and distribution. Roles of Data Engineers The roles of data engineers will usually vary depending on the type of company that they work for and the specific industry. However, they can broadly be categorized…
