Class 11 statistics Chapter 1 Introtuction
NCERT Notes for Class 11 statistics Chapter 1 Introtuction, (Statistics) exam are Students are taught thru NCERT books in some of state board and CBSE Schools. As the chapter involves an end, there is an exercise provided to assist students prepare for evaluation. Students need to clear up those exercises very well because the questions withinside the very last asked from those.
Sometimes, students get stuck withinside the exercises and are not able to clear up all of the questions. To assist students, solve all of the questions and maintain their studies without a doubt, we have provided step by step NCERT Notes for the students for all classes. These answers will similarly help students in scoring better marks with the assist of properly illustrated Notes as a way to similarly assist the students and answering the questions right.
NCERT Notes for Class 11 statistics Chapter 1 Introtuction
Class 11 statistics Chapter 1 Introtuction
- According to Alfred Marshall Economics is “the study of man in the ordinary business of life”.
- In economics we deal with-consumer, producer, seller, employer, and employee. etc.
- Economic activities are undertaken for a monetary gain. This is what economists mean by ordinary business of life.
- Scarcity is the root of all economic problems, no scarcity, there would have been no economic problem.
Consumption, Production and Distribution
- Economics involves the study of man engaged in economic activities of various kinds. The diverse economic activities are consumption, production and distribution.
STATISTICS IN ECONOMICS
- To analyse economic problems we know more about economic facts. Such economic facts are also known as economic data.
- We try to find some measures that help to solve an economic problem. In Economics, such measures are known as policies.
- No analysis of an economic problem would be possible without data.
- In short we make use of statistical tools to formulate economics data, policies, reforms, economic laws etc.
WHAT IS STATISTICS?
- Statistics deals with the collection, analysis, interpretation and presentation of numerical data.
- It is a branch of mathematics and also used in the disciplines such as accounting, economics, management, physics, finance, psychology and sociology.
- Statistics can be expressed in two sense: Singular and Plural sense: In singular sense methods or techniques. In plural sense-quantitative information or data.
- Most Economics data are quantitative, which means it can be measured by using a numerical number, eg: taxes, height, weight, prices of goods, income, marks in a subject etc.
- Economics also uses qualitative data. The chief characteristic of such information is that they describe attributes of a single person or a group of persons that is important to record as accurately as possible.
- The data which cannot be measured in quantitative terms is called qualitative data.eg. State of health, skilled or unskilled, honesty, aptitude, gender, intelligence etc.
WHAT STATISTICS DOES? OR FUNCTIONS OF STATISTICS
- Statistics is an indispensable tool for an economist to understand an economic problem.
- Using various statistical methods, economists find out the causes behind the economic problems with the help of qualitative and quantitative facts.
- When the causes of economic problem are identified, it is easier to formulate suitable policies to tackle it.
- Statistics helps the economists to present economic facts in a precise and definite form.
- By using statistics economic facts become precise and exact. Exact facts are more convincing than vague statements.
- Statistics also helps in condensing mass data into a few numerical measures, numerical measures help to summarise data.
- Statistics is used in finding relationships between different economic factors.
- Statistics helps the economists to predict future trends and changes in the economy.
- By using statistics, economists can formulate plans and policies.
- In economic policies, Statistics plays a vital role in decision making.
- The Limiting aspect of statistics is that, it does not say anything about qualitative data. It deals only quantitative facts. More over statistical results are true only an average.