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Introduction To Statistics
Class 11
Page 2


Introduction To Statistics
Class 11
Synopsis
1. Basic Terms
2. Definition of Economics
3. Ordinary Business Of Life
4. What Is Economic Problem
5. Why Economic Problem Arise
6. Economy And Its Components
7. Factors Of Production
8. Meaning Of Statistics
9. Scope Of Statistics
10. Importance Of Statistics In Economics
11. Statistics Methods Are No Substitute For Common Sense
Page 3


Introduction To Statistics
Class 11
Synopsis
1. Basic Terms
2. Definition of Economics
3. Ordinary Business Of Life
4. What Is Economic Problem
5. Why Economic Problem Arise
6. Economy And Its Components
7. Factors Of Production
8. Meaning Of Statistics
9. Scope Of Statistics
10. Importance Of Statistics In Economics
11. Statistics Methods Are No Substitute For Common Sense
Basic Terms
1. Consumer – A person who purchases goods and services for personal use.
2. Producer – A person who produces goods. Example: Manufacturer.
3. Seller – A person who sells goods/services to make a profit. Example: Shopkeeper.
4. Saving – A part of the income which is not consumed.
5. Investment – An investment is the purchase of goods that are not consumed 
today but are used in the future to create wealth.
6. Service Holder – A person who is in job to earn wages or salary.
7. Service Provider – A person who provides services for a payment. 
8. Economic Activities – Any activity undertaken for a monetary gain.
Page 4


Introduction To Statistics
Class 11
Synopsis
1. Basic Terms
2. Definition of Economics
3. Ordinary Business Of Life
4. What Is Economic Problem
5. Why Economic Problem Arise
6. Economy And Its Components
7. Factors Of Production
8. Meaning Of Statistics
9. Scope Of Statistics
10. Importance Of Statistics In Economics
11. Statistics Methods Are No Substitute For Common Sense
Basic Terms
1. Consumer – A person who purchases goods and services for personal use.
2. Producer – A person who produces goods. Example: Manufacturer.
3. Seller – A person who sells goods/services to make a profit. Example: Shopkeeper.
4. Saving – A part of the income which is not consumed.
5. Investment – An investment is the purchase of goods that are not consumed 
today but are used in the future to create wealth.
6. Service Holder – A person who is in job to earn wages or salary.
7. Service Provider – A person who provides services for a payment. 
8. Economic Activities – Any activity undertaken for a monetary gain.
Definition Of Economics
Alfred Marshall a great 
propounder of Modern 
Economics defines 
economics as 
“the study of 
mankind in the 
ordinary business 
of life.”
Page 5


Introduction To Statistics
Class 11
Synopsis
1. Basic Terms
2. Definition of Economics
3. Ordinary Business Of Life
4. What Is Economic Problem
5. Why Economic Problem Arise
6. Economy And Its Components
7. Factors Of Production
8. Meaning Of Statistics
9. Scope Of Statistics
10. Importance Of Statistics In Economics
11. Statistics Methods Are No Substitute For Common Sense
Basic Terms
1. Consumer – A person who purchases goods and services for personal use.
2. Producer – A person who produces goods. Example: Manufacturer.
3. Seller – A person who sells goods/services to make a profit. Example: Shopkeeper.
4. Saving – A part of the income which is not consumed.
5. Investment – An investment is the purchase of goods that are not consumed 
today but are used in the future to create wealth.
6. Service Holder – A person who is in job to earn wages or salary.
7. Service Provider – A person who provides services for a payment. 
8. Economic Activities – Any activity undertaken for a monetary gain.
Definition Of Economics
Alfred Marshall a great 
propounder of Modern 
Economics defines 
economics as 
“the study of 
mankind in the 
ordinary business 
of life.”
Definition Of Economics
“Economics is the study of how people and society 
choose to employ scarce resources that could have 
alternative uses in order to produce various 
commodities that satisfy their wants and to distribute 
them for consumption among various persons and 
groups in society.”
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FAQs on PPT - Introduction Statistics for Economics - Economics Class 11 - Commerce

1. What is the importance of statistics in the field of economics and commerce?
Ans. Statistics plays a crucial role in economics and commerce as it helps in analyzing and interpreting data to make informed decisions. It enables economists and businesses to understand market trends, consumer behavior, and economic indicators, leading to effective planning, forecasting, and decision-making.
2. How can statistics be used to measure economic growth?
Ans. Statistics provides various measures to assess economic growth, such as Gross Domestic Product (GDP), which represents the total value of goods and services produced in a country. Other indicators like inflation rate, unemployment rate, and consumer spending can also be analyzed statistically to gauge the overall economic growth of a nation.
3. What is the significance of statistical sampling in economics and commerce?
Ans. Statistical sampling is used to collect data from a subset of the population and make inferences about the entire population. In economics and commerce, this technique is valuable for conducting market research, determining consumer preferences, estimating demand, and predicting sales. It helps save time and resources while still providing reliable insights.
4. How does statistics help in making business forecasts?
Ans. Statistics enables businesses to analyze historical data and identify patterns and trends that can be used for forecasting future outcomes. By applying statistical methods like regression analysis and time series analysis, businesses can predict sales, demand, and market trends. These forecasts are crucial for strategic planning, budgeting, and resource allocation.
5. Can statistics assist in risk analysis and decision-making in commerce?
Ans. Yes, statistics plays a significant role in risk analysis and decision-making in commerce. Various statistical techniques, such as probability theory, hypothesis testing, and statistical modeling, help businesses assess and quantify risks associated with investments, market fluctuations, and financial decisions. By understanding the probabilities and potential outcomes, businesses can make informed decisions to minimize risks and maximize profitability.
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