Commerce Exam > Commerce Videos > Statistics for Economics - Class XI > Different Data's - Meaning & Scope of Statistics, Statistics for Economics
Different Data's - Meaning & Scope of Statistics, Statistics for Economics Video Lecture | Statistics for Economics - Class XI - Commerce
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FAQs on Different Data's - Meaning & Scope of Statistics, Statistics for Economics Video Lecture - Statistics for Economics - Class XI - Commerce
| 1. What is the meaning of statistics? |  |
Ans. Statistics refers to the branch of mathematics that deals with the collection, analysis, interpretation, presentation, and organization of data. It involves the use of various techniques to gather, summarize, and draw conclusions from data.
| 2. What is the scope of statistics? | |
Ans. The scope of statistics is vast and can be applied in various fields such as economics, business, social sciences, healthcare, and more. It helps in making informed decisions, predicting outcomes, understanding trends, and providing evidence-based insights.
| 3. How are statistics used in economics? | |
Ans. Statistics play a crucial role in economics by providing tools and techniques to analyze economic data. It helps economists in studying market trends, measuring economic indicators such as GDP, inflation, and unemployment rates, and making economic forecasts.
| 4. What are the different types of data used in statistics? | |
Ans. In statistics, there are primarily two types of data: quantitative and qualitative. Quantitative data refers to numerical measurements that can be further categorized as discrete or continuous. Qualitative data, on the other hand, represents non-numerical information such as categories, labels, or attributes.
| 5. Why is it important to study statistics for economics? | |
Ans. Studying statistics is essential for economics as it provides economists with the necessary tools to analyze economic data, make accurate predictions, and understand the behavior of markets. It helps in formulating economic policies, evaluating the impact of various factors on the economy, and making informed decisions for efficient resource allocation.
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Nov 19, 2024 Last updated |
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