PPT - Introduction Statistics for Economics Commerce Notes | EduRev

Economics Class 11

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Commerce : PPT - Introduction Statistics for Economics Commerce Notes | EduRev

 Page 1


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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