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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