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Eco CH 1 Introduction PDF

The document discusses the topics of economics, statistics, and their relationship. It defines economics as the study of how humans use scarce resources to satisfy unlimited wants. Statistics is defined as the science of collecting, organizing, analyzing, and presenting numerical data. Statistics simplifies complex data, enables comparison, and helps with testing, prediction, and policy formulation. Limitations include only studying quantitative data and not revealing the full story. Statistics can be distrusted if misused or thought to prove anything. Statistics is useful for economists in formulating policies, planning, and reducing complex economic data. The document provides examples of quantitative and qualitative data and previous exam questions.

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169 views2 pages

Eco CH 1 Introduction PDF

The document discusses the topics of economics, statistics, and their relationship. It defines economics as the study of how humans use scarce resources to satisfy unlimited wants. Statistics is defined as the science of collecting, organizing, analyzing, and presenting numerical data. Statistics simplifies complex data, enables comparison, and helps with testing, prediction, and policy formulation. Limitations include only studying quantitative data and not revealing the full story. Statistics can be distrusted if misused or thought to prove anything. Statistics is useful for economists in formulating policies, planning, and reducing complex economic data. The document provides examples of quantitative and qualitative data and previous exam questions.

Uploaded by

Labeedh15
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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CHAPTER -1

INTRODUCTION
ECONOMICS: Economics is a Social science It studies the Economic Behaviour of Man It studies
the relationship between ends and scare means, which have alternative uses. Adam Smith is
considered as the father of Economics. Alfred Marshall is considered as the father of Modern
Economics. Now a days Economics deals with Production, Distribution, Exchange and Consumption.

WHAT IS STATISTICS? Statistics is a Science, which deals with Collection, Classification,


Interpretation and Presentation of data systematically. The word Statistics is used both in Singular
and Plural senses.In Singular sense Statistics means the methods used for collection, Classification,
Interpretation and Presentation of numerical data. In Plural sense Statistics mean numerical data
systematically collected.

FUNCTIONS OF STATISTICS
1.It simplifies complexities.
2.It presents the data in a definite form.
3. It presents the data in a precise form.
4.It helps condensation of data.
5.It enables comparison of data.
6.It helps in testing.
7.It helps in prediction.
8.It helps in formulation of policies.
9. It enlarges human experience.

LIMITATION OF STATISTICS
1.Statistics Studies Only Quantitative Data
2.Statistics does not study individual cases.
3.Statistical results are true only on an average
4.Statistics does not revel the entire story of the problem.
5.Statistical methods can be used only by an Expert.

DISTRUST OF STATISTICS
By distrust we mean
1.Lack of confidence in statistical statements and statistical methods.
2.Statistics can prove anything.
3.Whether statistics is good or bad depend on its use.

USES OF STATISTICS IN ECONOMICS:


1. Statistics is an inevitable tool in the hands of Economists.
2. Formulation of Economic policies.
3. Helps for Economic planning.
4. Complex Economic data1 can be reduced.
QUANTITATIVE AND QUALITATIVE DATA: The data which can be Measurable is
called quantitative data. Eg. Price,Height, Weight, Income etc.
The data which cannot be measurable is called Qualitative data.Eg. Honesty, aptitude, beauty etc.

PREVIOUS QUESTIONS
1) Statistics helps the economics in various ways. Cite three instances for it. (MARCH2018)
2) Statistics is used in Singular and Plural sense. Elucidate. (MARCH 2011)

1 PREPARED BY RAJESH. S K.T.C.T.E.M.H.S.S KADUVAYIL, THIRUVANANTHAPURAM


3) Statistics plays a vital role in decision making. Discuss. (MARCH 2012)
4) Tell your friend in Science Stream, Shy you learn Statistics along with Economics. (MARCH 2013)
5) The Government and policy makers use Statistical data to formulate suitable policies of
Economic development. Illustrate with two examples. (MARCH 2014)
6) Complete the following on the basis of hints given.
Statistics in singular sense: Statistical Methods
Statistics in plural sense: .......................... (MARCH 2015)
7) Explain the use of Statistics. (SEPTEMBER 2015)
2
8) Write any two examples each for Quantitative and Qualitative data.(MARCH 2016)
9) Find the odd one and justify your answer.
a) Honesty, Weight, Personality, Income.
b) Aptitude, Intelligence, Honesty, Salary. (SEPTEMBER2016)

2 PREPARED BY RAJESH. S K.T.C.T.E.M.H.S.S KADUVAYIL, THIRUVANANTHAPURAM

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