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QUESTION:- What is Statistics?
SUBJECT:- Economics ( CLASS 11)
WELCOME TO
ECONOMICS
ECONOMICS
- Statistics means quantitative information or quantification of the facts and findings
- Statistics is a system, method or technique to collect quantitative information
- Also, statistical information may be raw . It needs to be classified, tabulated or it needs to be systematically presented
- Statistics teaches us presentation and classification of data. A student of economics has to study all these methods and techniques to understand and master the subject matter of statistics
INFORMATION
Thus, unlike a layman, a student of economics cannot relax taking statistics as just a pool of quantitative information. Instead he/she should also look into the methods or techniques relating to collection, classification, presentation, analysis as well as interpretation.
- In view of such a vastness of the subject matter, statistics is defined both in singular sense and plural sense.
- In the singular sense, statistics means science of statistics or statistical methods. It refers to techniques or methods relating to collection, classification, presentation, analysis and interpretation of quantitative data
- In its plural sense, statistics refers to information in terms of numbers or numerical data, such as population statistics, employment statistics, statistics concerning public expenditure, etc
STATISTICS
However, we all should remember that any numerical information is not statistics. Let us see some examples where we can easily differentiate between what is statistics and what is not
RESEARCH
'A cow has four legs' is merely a data which is not statistics whereas 'average height of 26 plus male people in India is 6 feet, compared to 5 feet in Nepal' is a perfect example of statistics
EXAMPLES
Surely, statistics is the hub of the wheel of economics. And we must focus on the hub to precisely understand the movement of the entire wheel
Marshall, a great economist of the past century had to concede that “statistics are the straw out of which I, like every other economist, have to make bricks
STATISTICS
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EXAMPLES
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