What is the definition of central tendency?

Central tendency refers to a statistical concept that describes the center or typical value of a dataset. It is essentially a way to summarize the data with a single value that represents the entire dataset. The primary measures of central tendency include the mean, median, and mode.

The mean is the arithmetic average of all the values, the median is the middle value when the data is sorted in order, and the mode is the value that appears most frequently in the dataset. These measures provide insights into the general behavior of data points, making them fundamental tools in both statistics and data analysis.

The other options, while relevant to the field of real estate or consumer analysis, do not define central tendency. For example, measures of consumer behavior focus more on understanding how consumers make decisions rather than summarizing a set of data. Average prices in real estate and market trends analysis pertain to specific applications in industry contexts but do not encapsulate the statistical definition and understanding of central tendency as defined by mean, median, and mode.