# Lesson 1: Time Series Basics

**Assignments**:

- Read pages 1-8 and 26-33 of your text.
- Read through the Lesson 1 online notes that follow.
- Complete Lesson 1 Assignment.

**Overview**:

This first lesson will introduce you to time series data and important characteristics of time series data. We will also begin some basic modelling. Topics covered include first-order autoregressive models and the autocorrelation function.

**Learning Objectives**:

After successfully completing this lesson, you should be able to:

- Identify important features on a time series plot
- Identify and interpret an AR(1) model
- Interpret an ACF
- Identify a weakly stationary time series
- Identify when and how to take first differences