Introduction Class 11 Notes Economics Chapter 1 - CBSE
Chapter : 1
What Are Introduction ?
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Economics
Study of human behaviour as a relationship between ends and scarce means which have alternative use.
Concept Of Economics
Producer
A producer is one who produces and/or sells goods and services for generating income.
Consumer
A consumer is one who consumes goods or/and services for the satisfaction of his/her wants.
Savings
The preparation of income which is not consumed and is kept aside for later use called savings.
Investments
The expenditure incurred on the purchase of assets is called investments.
Employee
A person who works for someone.
Employer
An organisation or a person who employs someone to work for them.
Components of Economic Activity
Consumption
- Process of using the utility of goods and services for attaining satisfaction.
Production
- Goods and services are produced to satisfy the wants by generating income referred as production.
Distribution
- Distribution of income refers to the distribution of income among the various factors of production.
What Is Statistics ?
Statistics deals with the collection, analysis, interpretation and presentation of numerical data.
Statistics
In Plural Sense
- Statistics numerical statements of facts in any department of enquiry placed in relation to each other. - Bowley
In Singular Sense
- Statistics may be defined as the collection, presentation, analysis and interpretation of numerical data. - Croxton and Cavder.
Features of Statistics as Numerical Data
- Aggregate of facts
- Numerically explained data
- Statistical data is influenced by many factors
- Statistical data is collected with some predetermined objective
- Data is collected in a systematic manner
Stages of Statistical Study
Statistical Tools
- Stage I
- Collection of data
- Census or Sample Techniques
- Collection of data
- Stage II
- Organisation of data
- Array of Data or Tally Bars
- Organisation of data
- Stage III
- Presentation of data
- Tables, Graphs and Diagrams
- Presentation of data
- Stage IV
- Analysis of data
- Percentages, Averages, Correlation
- Analysis of data
- Stage V
- Interpretation of data
- Magnitude of Percentages, Averages, etc
- Interpretation of data
Scope Of Statistics
Nature of Statistics
- Statistics is both a Science as well as an Art.
Subject Matter of Statistics
Descriptive Statistics
- Refers to methods used for collection, presentation as well as analysis of data.
Inferential Statistics
- Refers to all such methods by which conclusions are drawn.
Limitations of Statistics
- Study of numerical data only.
- Study of only aggregates.
- Statistical results are not error free.
- Can be used only by experts.
Functions and Importance of Statistics
- Statistics helps in the quantitative expression of economic problems.
- It facilitates comparisons across different sector of the economy.
- Helps in finding out cause and effect relationships.
- Statistical data helps in construction of economic theories.
- Statistical studies facilitates economic forecasting.
- Statistics assist the government informulating effective policies.
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