Mean

{
  "id": "MLC-T-ECS-001144",
  "term": "Mean",
  "field": "Economic statistics",
  "definitions": [
    "Mathematical average of a set of numbers, calculated by adding the numbers and dividing the total by the number of numbers summed.\n\nSee also average.",
    "This measure represents an arithmetic average of a set of numbers. It is derived by dividing the sum of a group of numerical items by the total number of items in that group.\n\nFor example, mean income is the amount obtained by dividing the total income of a group by the number of units in that group. The means for households, families, and unrelated individuals are based on all households, families, and unrelated individuals, respectively. The means for people are based on people with income. For example, mean family income is obtained by dividing the total of all income reported by people 15 years and over in families by the total number of families."
  ],
  "see_also": [
    "Average",
    "Derived measures"
  ],
  "references": [
    "BLS Glossary",
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/mean/"
}