Explain the difference between and give examples of both a population and a sample.Also explain when it would be more beneficial to collect sample data over population data.

A population can be anything that one defines it to be.It consists of all items of interest,for example,all undergraduate students in the U.S.A sample is a subset of the population,for example,undergraduate students attending a specific university.It would be more beneficial to collect sample data when complete information about a population is difficult or impossible to obtain such as when the desired population spans nationwide and the firm is working on a low budget.