October 09, 2018

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Introduction to Statistics JVM Education

Chapter  1 Introduction to Statistics

Introduction to Statistics

 


Economics is the study of how people and society choose to employ scarce

resources that could have alternative uses in order to produce various commodities

that satisfy their wants and to distribute them for consumption among various

persons and groups in society.


Economic Agents

Economic Activities

  • Consumptionis the process of using up utility value of goods and services for

the direct satisfaction of our wants.

  • Productionis the process converting raw material into useful things.
  • Distributionrefers to the way in which total output, income, or wealth is

distributed among individuals or among the factors of production.

Statistics in Singular Sense

Statistics means the science of collecting, classifying and using statistics or a

statistical fact.

Statistics in Plural Sense

Statistics means numerical facts systematically collected.

Chapter  1 Introduction to Statistics

Features of Statistics

  • Aggregatesof Facts
  • Expressednumerically
  • Affectedby multiplicity of causes
  • Reasonabledegree of accuracy
  • Placedin relation to one another
  • Predetermined purpose
  • Collectedin sytemmatic manner

Introduction to Statistics

Importance of Statistics

  • Quantitativeexpression of economic problems
  • Intersectoral and inter temporal comparisons
  • Workingout cause and effect relationship
  • Constructionof economic theories/ economic models
  • Economicforecasting
  • Formulationof policies
  • Economicequilibrium

 

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Limitations of Statistics

  • Studyof numerical facts only
  • Studyof aggregates only
  • Resultsare true only on an average
  • Resultsmay prove to be wrong without reference
  • Canbe used only by experts
  • Proneto misuse

Introduction to Statistics

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