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Statistics for Economics

Last Updated : 04 Aug, 2023
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The word Statistics is derived from the Greek word ‘Statistique,’ the Latin word ‘Status,’ the Italian word ‘Statista,’ and the German word ‘Statistic.’ Statistics is defined as the study, collection, analysis, interpretation, and organization of data for different ultimate objectives. Statistics help a user in gathering and analyzing huge numerical data easily and efficiently. Statistics can be easily defined in two senses: Plural Sense and Singular Sense.

Statistics for Economics plays a major role in economics. Statistics helps in the study of market structure and understanding the different economic problems. After a better understanding of the economic problems, statistics also help in solving those issues by formulating appropriate economic policies. Every economics branch takes the help of statistics to prove different economic theories. One can also establish a mathematical relationship with the help of statistics. Economists can present the facts of economics precisely. 

Statistics for Economics


CBSE Class 11 Statistics for Economics

Chapter 1: Concept of Economics and Significance of Statistics in Economics

  1. Introduction to Statistics for Economics 

Chapter 2: Collection of Data

  1. What is Data Collection? | Methods of Collecting Data
  2. Sources of Data Collection
  3. Direct Personal Investigation: Meaning, Suitability, Merits, Demerits and Precautions
  4. Indirect Oral Investigation: Meaning, Suitability, Merits, Demerits and Precautions
  5. Difference between Direct Personal Investigation and Indirect Oral Investigation
  6. Information from Local Source or Correspondents: Meaning, Suitability, Merits, and Demerits
  7. Questionnaires and Schedules Method of Data Collection
  8. Difference between Questionnaire and Schedule
  9. Qualities of a Good Questionnaire and types of Questions
  10. What are the Published Sources of Collecting Secondary Data?
  11. What Precautions should be taken before using Secondary Data?
  12. Two Important Sources of Secondary Data: Census of India and Reports & Publications of NSSO
  13. What is National Sample Survey Organisation (NSSO)?
  14. What is Census Method of Collecting Data?
  15. Sample Method of Collection of Data
  16. Methods of Sampling
  17. What makes a Sampling Data Reliable?
  18. Difference between Census Method and Sampling Method of Collecting Data
  19. What are Statistical Errors?

Chapter 3: Organisation of Data

  1. Organization of Data
  2. Objectives and Characteristics of Classification of Data
  3. Basis of Classification of Data 
  4. Concept of Variable and Raw Data
  5. Types of Statistical Series
  6. Everything to know about Frequency Distribution
  7. Difference between Frequency Array and Frequency Distribution
  8. Types of Frequency Distribution

Chapter 4: Presentation of Data: Textual and Tabular

  1. Textual Presentation of Data: Meaning, Suitability, and Drawbacks
  2. Tabular Presentation of Data: Meaning, Objectives, Features and Merits
  3. Different Types of Tables
  4. Classification and Tabulation of Data

Chapter 5: Diagrammatic Presentation of Data

  1. Diagrammatic Presentation of Data: Meaning , Features, Guidelines, Advantages and Disadvantages
  2. Types of Diagrams
  3. Bar Diagrams: Meaning, Features, and its Types
  4. Pie Diagrams: Meaning, Example, and Steps to Construct a Pie Diagram
  5. Histogram – Meaning, Example and Types
  6. Frequency Polygon: Meaning, Steps to Draw and Examples
  7. Ogive (Cumulative Frequency Curve) and its Types
  8. What is Arithmetic Line-Graph or Time-Series Graph?
  9. Diagrammatic and Graphic Presentation of Data

Chapter 6: Measures of Central Tendency: Arithmetic Mean

  1. Measures of Central Tendency 
  2. Arithmetic Mean: Meaning, Example, Types, Merits, and Demerits
  3. What is Simple Arithmetic Mean?
  4. Calculation of Mean in Individual Series | Formula of Mean
  5. Calculation of Mean in Discrete Series | Formula of Mean
  6. Calculation of Mean in Continuous Series | Formula of Mean
  7. Calculation of Arithmetic Mean in Special Cases
  8. Weighted Arithmetic Mean

Chapter 7: Measures of Central Tendency: Median and Mode

  1. Median(Measures of Central Tendency): Meaning, Formula, Merits, Demerits, and Examples
  2. Calculation of Median in Individual Series | Formula of Median
  3. Calculation of Median in Discrete Series | Formula of Median
  4. Calculation of Median in Continuous Series | Formula of Median
  5. Graphical Determination of Median
  6. What do you know about Partition Value?
  7. Mode: Meaning, Formula, Merits, Demerits, and Examples
  8. Calculation of Mode in Individual Series | Formula of Mode
  9. Calculation of Mode in Discrete Series | Formula of Mode
  10. Grouping Method of Calculating Mode in Discrete Series | Formula of Mode
  11. Calculation of Mode in Continuous Series | Formula of Mode
  12. Calculation of Mode in Special Cases
  13. Calculation of Mode by Graphical Method
  14. Mean, Median and Mode: Meaning, Relationship, Best Average and Comparative Features

Chapter 8: Measures of Dispersion

  1. Measures of Dispersion: Meaning, Absolute and Relative Measures of Dispersion
  2. Range: Meaning, Coefficient of Range, Merits and Demerits
  3. Calculation of Range and Coefficient of Range
  4. Interquartile Range and Quartile Deviation
  5. Quartile Deviation and Coefficient of Quartile Deviation: Meaning, Formula, Calculation, and Examples
  6. Mean Deviation: Meaning, Coefficient of Mean Deviation, Merits and Demerits 
  7. Calculation of Mean Deviation for different types of Statistical Series
  8. Standard Deviation: Meaning, Coefficient of Standard Deviation, Merits, and Demerits
  9. Standard Deviation in Individual Series
  10. Methods of calculating Standard Deviation in Discrete Series
  11. Methods of calculation of Standard Deviation in frequency distribution series
  12. Combined Standard Deviation: Meaning, Formula, and Example
  13. How to calculate Variance? 
  14. Coefficient of Variation: Meaning, Formula and Examples
  15. Lorenz Curve: Meaning, Construction, and Application

Chapter 9: Correlation

  1. Correlation: Meaning, Significance, Types and Degree of Correlation
  2. Methods of measurements of Correlation 
  3. Calculation of Correlation with Scattered Diagram
  4. Spearman’s Rank Correlation Coefficient
  5. Calculation of Karl Pearson’s Coefficient of Correlation
  6. Methods of Calculating Karl Pearson’s Coefficient of Correlation

Chapter 10: Index Number 

  1. Index Number: Meaning, Characteristics, Uses and Limitations
  2. Methods of Construction of Index Number
  3. Unweighted or Simple Index Numbers: Meaning and Methods
  4. Methods of calculating Weighted Index Numbers
  5. Fisher’s Index Number as an Ideal Method
  6. Fisher’s Method of calculating Weighted Index Number
  7. Paasche’s Method of calculating Weighted Index Number
  8. Laspeyre’s Method of calculating Weighted Index Number
  9. Laspeyre’s, Paasche’s, and Fisher’s Methods of Calculating Index Number
  10. Consumer Price Index (CPI) or Cost of Living Index Number: Construction of Consumer Price Index|Difficulties and Uses of Consumer Price Index
  11. Methods of Constructing Consumer Price Index (CPI)
  12. Wholesale Price Index (WPI): Meaning, Uses, Merits, and Demerits
  13. Index Number of Industrial Production: Meaning, Characteristics, Construction, and Example
  14. Inflation and Index Number

Important Formulas:

Important Formulas in Statistics for Economics

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