Statistics Notes – Chapter 1
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- “The study of man in the daily activity of life,” according to Alfred Marshall.
- “A consumer is someone who consumes products and services in order to fulfil his desires.”
- “Consumption is the process of depleting the utility value of products and services in order to directly satisfy our desires.”
- “A producer is someone who generates income by producing or selling goods and services.”
- “The process of transforming raw materials into usable things” is defined as “production.
- “Saving It is the portion of income that is not spent. It is a form of consuming abstention.
- Investment It is the producers’ expenditure on the acquisition of such assets that helps to generate income.
- Economic Development It’s a task that requires the utilisation of limited resources. In proportion to our desires, resources are always in short supply.
- Economic Issues It is an issue of choice that arises from the reality that resources are limited and have multiple uses.Economics’ Components Economics is made up of three parts.
- DistributionStatistics in Its Many Forms Statistics refers to numerical data or information expressed in numbers, such as population statistics or employment statistics.
“Statistics are numerical statements of facts in any domain of inquiry placed in relation to each other,” according to Bowley.
Statistical Characteristics in the Plural Sense
- Aggregate of facts
- Numerically expressed
- Affected by multiplicity of causes
- Reasonable accuracy
- Placed in relation to each other
- Predetermined purpose
In a Singular Sense, Statistics It relates to procedures and processes for gathering, classifying, presenting, analysing, and interpreting quantitative data.
Statistics is the science that deals with the ways of gathering, classifying, presenting, comparing, and analysing numerical data collected to shed some light on any domain of inquiry, according to Seligman.
Statistics’ Importance in Economics:
- Quantitative expression of economic problem
- Inter-sectoral and inter-temporal comparisons
- Working out cause and effect relationship
- Construction of economic theories or economic models
- Economic forecasting
- Formulation of policies
- Study of numerical facts only
- Study of aggregates only
- Results are true only on an average
- Without reference, results may prove to be wrong
- Can be used only by the experts
- Prone to misuse