{"id":29179,"date":"2021-12-30T17:35:38","date_gmt":"2021-12-30T12:05:38","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=29179"},"modified":"2022-02-24T23:25:49","modified_gmt":"2022-02-24T17:55:49","slug":"statistics-notes-class-11-economics-chapter-1-introduction","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/study-materials\/statistics\/economics\/class-11\/chapter-1\/introduction\/","title":{"rendered":"Statistics Notes &#8211; Class 11 Economics Chapter 1 Introduction"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/study-materials\/statistics\/economics\/class-11\/chapter-1\/introduction\/#Statistics_Notes_-_Chapter_1\" title=\"Statistics Notes &#8211; Chapter 1\">Statistics Notes &#8211; Chapter 1<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/study-materials\/statistics\/economics\/class-11\/chapter-1\/introduction\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Statistics_Notes_-_Chapter_1\"><\/span>Statistics Notes &#8211; Chapter 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Get Statistics Notes for Class 11 Economics on Infinity Learn for free.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>&#8220;The study of man in the daily activity of life,&#8221; according to Alfred Marshall.<\/li>\n<li>&#8220;A consumer is someone who consumes products and services in order to fulfil his desires.&#8221;<\/li>\n<li>&#8220;Consumption is the process of depleting the utility value of products and services in order to directly satisfy our desires.&#8221;<\/li>\n<li>&#8220;A producer is someone who generates income by producing or selling goods and services.&#8221;<\/li>\n<li>&#8220;The process of transforming raw materials into usable things&#8221; is defined as &#8220;production.<\/li>\n<li>&#8220;Saving It is the portion of income that is not spent. It is a form of consuming abstention.<\/li>\n<li>Investment It is the producers&#8217; expenditure on the acquisition of such assets that helps to generate income.<\/li>\n<li>Economic Development It&#8217;s a task that requires the utilisation of limited resources. In proportion to our desires, resources are always in short supply.<\/li>\n<li>Economic Issues It is an issue of choice that arises from the reality that resources are limited and have multiple uses.Economics&#8217; Components Economics is made up of three parts.<\/li>\n<li>Consumption\\s<\/li>\n<li>Production\\s<\/li>\n<li>DistributionStatistics in Its Many Forms Statistics refers to numerical data or information expressed in numbers, such as population statistics or employment statistics.<br \/>\n&#8220;Statistics are numerical statements of facts in any domain of inquiry placed in relation to each other,&#8221; according to Bowley.<\/li>\n<\/ul>\n<p>Statistical Characteristics in the Plural Sense<\/p>\n<ul>\n<li>Aggregate of facts<\/li>\n<li>Numerically expressed<\/li>\n<li>Affected by multiplicity of causes<\/li>\n<li>Reasonable accuracy<\/li>\n<li>Placed in relation to each other<\/li>\n<li>Predetermined purpose<\/li>\n<li>Estimated<\/li>\n<\/ul>\n<p>In a Singular Sense, Statistics It relates to procedures and processes for gathering, classifying, presenting, analysing, and interpreting quantitative data.<\/p>\n<p>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.<\/p>\n<p>Statistics&#8217; Importance in Economics:<\/p>\n<ul>\n<li>Quantitative expression of economic problem<\/li>\n<li>Inter-sectoral and inter-temporal comparisons<\/li>\n<li>Working out cause and effect relationship<\/li>\n<li>Construction of economic theories or economic models<\/li>\n<li>Economic forecasting<\/li>\n<li>Formulation of policies<\/li>\n<\/ul>\n<p>Statistics&#8217; Limitations:<\/p>\n<ul>\n<li>Study of numerical facts only<\/li>\n<li>Study of aggregates only<\/li>\n<li>Results are true only on an average<\/li>\n<li>Without reference, results may prove to be wrong<\/li>\n<li>Can be used only by the experts<\/li>\n<li>Prone to misuse<\/li>\n<\/ul>\n<h4><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Statistics Notes &#8211; Chapter 1 Get Statistics Notes for Class 11 Economics on Infinity Learn for free. &nbsp; Introduction &#8220;The [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"Statistics Notes - 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