# Chapter Notes - Introduction (Statistics for Economics) Notes | Study Economics Class 11 - Commerce

## Commerce: Chapter Notes - Introduction (Statistics for Economics) Notes | Study Economics Class 11 - Commerce

The document Chapter Notes - Introduction (Statistics for Economics) Notes | Study Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
All you need of Commerce at this link: Commerce

STATISTICS FOR ECONOMICS  CLASS:  XI

Unit I

Chapter 1: INTRODUCTION  IMPORTANT CONCEPTS:

1. Meaning of Statistics in plural sense – It is a collection of numerical facts.

2. Meaning of Statistics in Plural Sense – It deals with the collection, presentation, analysis and interpretation of quantitative information.

3. Definition of statistics in Plural Sense – It means aggregate of facts affected to a marked extent of multiplicity of causes numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and placed in relation to each other.

4. Consumer – A person who buys goods and services for the satisfaction of human wants. 5. Producer – A person who produces goods.

6. Service holder – A person who is working or in a job and gets paid for it.

7. Service Provider – A person who gives services to others for a payment.

8. Economic activity – Activities undertaken for monetary gain or to earn income.

9. Economics is divided into three parts:

a] Consumption

b] Production

c] Distribution

10. Consumption: In consumption, we study wants, their origin, nature and characteristics and the laws governing them.

11. Production: It refers to all activities which are undertaken to produce goods and services for generation of income and satisfaction of wants.

12. Distribution: Economic activity which studies how income generated from the production process is distributed among the factors of production.

13. Data: Economic facts in terms of numbers.

14. Importance of Statistics:  Statistics is widely used in many fields.

a] Importance to the Government – Statistics is used in administration and efficient functioning of departments. It collects data to fulfill its welfare objectives.

b] Importance of Statistics in Economics:

1] Statistics helps in making economic laws like law of demand and concept of elasticity. 2] It helps in understanding and solving economic problem.

3] It helps in studying market structure.

4] It helps in finding mathematical relations between variables.

The document Chapter Notes - Introduction (Statistics for Economics) Notes | Study Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
All you need of Commerce at this link: Commerce
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