Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.
Scarcity means shortage of goods and resources in relation to their demand.
Scarcity is the root of all Economic problem.
(a) Scarce / limited and
(b) Have alternatives uses
Economic activities are those activities which are related to earn money and wealth for life. These activities generate new income and increase the flow of goods and services. For example production, consumption, investment, distribution.
Non economic activities are those activities which are not related to earn money and wealth. These activities neither generate income nor increase the flow of goods & services.For example a teacher teaching his own son.
Characteristics of statistics in plural sense
Stages of statistics in singular sense
Statistical data
Scope of Statistics
In the old days the use of statistics was restricted to deal with the affairs of the state. But now-a-days the scope of statistics has spread to all those areas where numerical facts are used such as economics, business industry, medicine, physics, chemistry and numerous other fields of knowledge.
Importance of Statistics in Economics
Function of Statistics
Limitations of Statistics
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