Basic Statistics used in Economics

Introduction to Statistic, Collection and organization of data, Concept of census and sampling, Organization and Presentation of data, Measures of central tendency and Dispersion

Notes

Statistics

Statistics as a subject in a singular sense is the science of counting, science of average and the science of the measurement of the social organism. Various writers such as A.L. Bowley, Boddington, Secrist, Ya-lunChau, Croxton, and Cowden have given the definition of statistics as statistical methods. But the definition given by Croxton and Cowden is more scientific and realistic and it forms the subject matter of our study. Importances of Statistics: There are several importances of the statistics which are mentioned below: -Statistics in economics -Statistics in planning -Statistics in Information Technology -Statistics and business -Statistics and pure science -Statistics in banking sector Along with the above mentioned importances there are several limitations of the statistics and they are : -Statistics does not deal with an individual -It is not suitable for the study of qualitative phenomenon -Statistical relations are not exact -Statistical is liable to be misused -Statistics is only a means

Census and Sampling

Census and sampling both provide data and information about a population. In census, each and every unit of population is studied but only a few units of populations studied in sampling.

Collection and Organization of Data

Data means information. Everyone collects interprets and uses the information. Information may be collected through newspapers, televisions, and radios. Data collection refers to gathering the information required for the study. There are several prerequisites of the data collection which are mentioned below : -Objective of the study -scope of inquiry -units to be used -sources of data and information -Methods of data collection -Degree of accuracy -Types of inquiry

Measures of Dispersion

The central values i.e. mean, median and mode are the representatives of the whole data. While drawing conclusions and inferences to forecast and compare two or more than two data or series.