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Chapter 1 Introduction

This document provides an introduction to statistics for economics class 11. It defines key economic terms like consumer, producer, production, consumption, saving, investment, and economic activity. It also outlines the three components of economics as consumption, production, and distribution. Additionally, it discusses statistics in both a plural and singular sense and the importance and limitations of statistics in economics.

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Shah Pankit
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Download as PDF, TXT or read online on Scribd
28 views

Chapter 1 Introduction

This document provides an introduction to statistics for economics class 11. It defines key economic terms like consumer, producer, production, consumption, saving, investment, and economic activity. It also outlines the three components of economics as consumption, production, and distribution. Additionally, it discusses statistics in both a plural and singular sense and the importance and limitations of statistics in economics.

Uploaded by

Shah Pankit
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Statistics for Economics Class 11 Notes Chapter 1

Introduction

Economics by Alfred Marshall, “The study of man in the ordinary business of life”.
Consumer “A consumer is one who consumes goods and services for the satisfaction
of his wants”.
Consumption “Consumption is the process of using up utility value of goods and
services for the direct satisfaction of our wants”.

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Producer “A producer is one who produces/or sells goods and services for the
generation of income”.

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Production “Production is the process of converting raw material into useful thing”.
Saving It is the part of income which is not consumed. It is an art of abstinence from
consumption.
Investment It is expenditure by the producers on the purchase of such assets which
help to generate income.
Economic Activity It is an activity which is related to the use of scarce means. Means
are always scarce in relation to our wants.
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Economic Problem It is the problem of choice arising on account of the facts that
resources are scarce and these have alternative uses.

Components of Economics There are three components of economics

Consumption
Production
Distribution
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Statistics – A Plural Sense Statistics refers to information in terms of numbers or
numerical data, such as population statistics, employment statistics etc.
Accqrding to Bowley, “Statistics are numerical statements of facts in any department of
enquiry placed in relation to each other.”
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Features of Statistics in the Plural Sense

Aggregate of facts
Numerically expressed
Affected by multiplicity of causes
Reasonable accuracy
Placed in relation to each other
Predetermined purpose
Estimated

Statistics – A Singular Sense It refers to techniques or methods relating to collection,


classification, presentation analysis and interpretation of quantitative data.

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According to Seligman, “Statistics is the science which deals with the methods of
collecting, classifying, presenting, comparing and interpreting numerical data collected to
throw some light on any sphere of enquiry”.

Importance of Statistics in Economics:

Quantitative expression of economic problem


Inter-sectoral and inter-temporal comparisons
Working out cause and effect relationship
Construction of economic theories or economic models
Economic forecasting
Formulation of policies

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Limitations of Statistics:

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Study of numerical facts only
Study of aggregates only
Results are true only on an average
Without reference, results may prove to be wrong
Can be used only by the experts
Prone to misuse
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