Statistics for Economics Class 11 by Sandeep Garg
Statistics in Economics
Download revision notes for Introduction class 11 Notes and score high in exams. These are the Introduction class 11 Notes Computer Science prepared by team of expert teachers. The revision notes help you revise the whole chapter 1 in minutes. Revision notes in exam days is one of the best tips recommended by teachers during exam days. It is about making choice in the presence of scarcity. Scarcity definition given by Lionel Robbins :- Economics is a science that studies human behaviour as a relationship between ends and scarce means which have the alternative uses.
Answer : i Statistics can only deal with quantitative data. False Statistics deals with both quantitative data as well as with qualitative data. Statistics not only reveals quantitative information but also reflects the qualitative aspect of data like better, worse off, highly skilled, etc. Although, the qualitative aspects can neither be easily measured nor can be expressed in quantitative terms, but statistics describes the attributes of these variables. True Statistics acts as a tool in the hands of economists that enables them to understand and evaluate an economic problem. The causes of a problem are identified through statistical tools and methods and policies and rectification measures are formulated accordingly. True Data enable economists to present economic facts in a precise and concise form.
Uncover the Facts
Mark the following statements as true or false. Make a list of activities that constitute the ordinary business of life.
What is a Statistic? Components of Statistics:. Importance of Statistics in Business and Management:. Finance and Investments:. Categories of Statistics:.
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