Meaning of data, information and knowledge

The terms information and knowledge are _____ (1) used for overlapping _____ (2). The main difference is in the level of abstracton being considered. Data is the lowest level of abstraction, information is the next level, and finally, knowledge is the highest level among all three. Data on its own carries no meaning. In order for data to become information, it must be _______ (3) and take on a meaning. For example, the height of Mt. Everest is generally considered as "data", a book on Mt. Everest geological ____________ (4) may be considered as "information", and a report containing practical information on the best way _______ (5) Mt. Everest's peak may be considered as "knowledge".

Information as a concept bears a __________ (6) of meanings, from everyday ________ (7) to technical settings. Generally speaking, the concept of information is closely related to notions of constraint, communication, control, data, form, instruction, knowledge, meaning, mental stimulus, pattern, perception, and representation.

It is people and computers who collect data and _______ (8) patterns on concepts. These patterns are seen as information which can be used to enhance knowledge and can be interpreted as truth, and are authorized as aesthetic and ethical ________ (9) or marks. Events that leave behind perceivable physical or virtual remains can be traced back through data. Marks are no longer considered data once the link between the mark and observation is broken. In other words, when an occurrence leaves __________ (10) marks, those marks attain the status of data.

XII. Tasks for thought:

1. Consider the following simple economic model, which relates to the demand for chocolate bars:

a) Using only words explain this statement.

b) Do you consider this model to be complete or are there other economic variables which you would have included?

2. Devise a simple economic model to analyze the demand for school lunches.