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Page | 1 STATISTICS FOR ECONOMICS CLASS: XI Unit I Chapter 1: INTRODUCTION IMPORTANT CONCEPTS:  1. Meaning of Statistics in plural sense  –   It is a collection of numerical facts. 2. Meaning of Statistics in Plural Sense  –   It deals with the collection, presentation, analysis and interpretation of quantitative information. 3. Definition of statistics in Plural Sense  –   It means aggregate of facts affected to a marked extent of multiplicity of causes numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for predetermined  purpose and placed in relation to each other. 4. Consumer  –   A person who buys goods and services for the satisfaction of human wants. 5. Producer  –   A person who produces goods. 6. Service holder  –   A person who is working or in a job and gets paid for it. 7. Service Provider  –   A person who gives services to others for a payment. 8. Economic activity  –   Activities undertaken for monetary gain or to earn income. 9. Economics is divided into three parts: a] Consumption b] Production c] Distribution 10. Consumption: In consumption, we study wants, their srcin, nature and characteristics and the laws governing them. 11. Production: It refers to all activities which are undertaken to produce goods and services for generation of income and satisfaction of wants. 12. Distribution: Economic activity which studies how income generated from the production  process is distributed among the factors of production. 13. Data: Economic facts in terms of numbers. 14. Importance of Statistics: Statistics is widely used in many fields. a] Importance to the Government  –   Statistics is used in administration and efficient functioning of departments. It collects data to fulfill its welfare objectives.  b] Importance of Statistics in Economics: 1] Statistics helps in making economic laws like law of demand and concept of elasticity. 2] It helps in understanding and solving economic problem. 3] It helps in studying market structure. 4] It helps in finding mathematical relations between variables.   Page | 2 1 mark question: 1. Define statistics in plural form. 2. What is economic activity? 3. Who is a service provider? 4. Who is a consumer? 5. What is meant by production? 3 marks question (FAQ) 1. Define statistics in singular sense. 2. How is statistics important in Economics? 3. How is statistics important to the Government? Chapter 2: COLLECTION OF DATA Points to remember:  1. Collection of data is the first important aspect of statistical survey. 2. Data  –   Information which can be expressed in numbers. 3. Two sources of data  –   Primary & Secondary Primary data  –   data collected by investigator himself secondary data  –   data collected by someone and used by the investigator. 4. Difference between Primary and Secondary Data  a] Primary data is srcinal data collected by the investigator while secondary data is already existing and not srcinal.  b] Primary data is always collected for a specific purpose while secondary data has already been collected for some other purpose. c] Primary is costlier or is more expensive whereas secondary data is less expensive. 5. Methods / Sources of Collection of Primary Data :  a] Direct Personal Interview  –   Data is personally collected by the interviewer.  b] Indirect Oral Investigation  –   Data is collected from third parties who have information about subject of enquiry. c] Information from correspondents  –   Data is collected from agents appointed in the area of investigation. d] Mailed questionnaire  –   Data is collected through questionnaire [list of questions] mailed to the informant. e] Questionnaire filled by enumerators  –   Data is collected by trained enumerators who fill questionnaires. f] Telephonic interviews  –   Data is collected through an interview over the telephone with the interviewer. Questionnaire  –   A list of questions with space for answers.   Page | 3 6. Pilot Survey  –   Try-out of the questionnaire on a small group to find its short comings. 7. Qualities of a good questionnaire : a] A covering letter with objectives and scope of survey.  b] Minimum number of questions. c] Avoid personal questions. d] Questions should be clear and simple. e] Questions should be logically arranged. 8. Difference between census method and sampling method. Census Method Sampling Method 1)   Every unit of population studied 2)   Reliable and accurate results 3)   Expensive method 4)   Suitable when population is of homogenous nature Few units of population are studied Less Reliable and accurate results Less expensive method Suitable when population is of heterogeneous nature 9. Personal Interview Method :   Advantages Disadvantages 1)   Highest response rate 2)   Allows all types of questions 3)   Allows clearing doubts regarding questions Most expensive Informants can be influenced Takes more time Mailed Questionnaire Method:   Advantages Disadvantages 1)   Least expensive 2)   Only method to reach remote areas 3)   Informants can be influenced Long response time Cannot be used by illiterates. Doubts cannot be cleared regarding questions   Telephonic Interview Method:   Advantages Disadvantages 1)   Relatively low cost 2)   Relatively high response rate 3)   Less influence on informants Limited use Reactions cannot be watched Respondents can be influenced    Census Method  –   Data collected from each and every unit of population.    Sample Method  –   Data is collected from few units of the population and result is applied to the whole group.    Universe or population in statistics  –   Total items under study.   Page | 4    Sample is a section of population from which information is to be obtained. Sources of Secondary Data: 1. Published Source  –   Government publications, Semi-government publications etc. 2. Unpublished Source  –   Census of India [They are collected by the organizations for their own record] Sampling Methods: 1] Random sampling 2] Non-random sampling 1. Random Sampling  –   It is a sampling method in which all the items have equal chance of  being selected and the individuals who are selected are just like the ones who are not selected. 2. Non-random sampling  –   It is a sampling method in which all the items do not have an equal chance of being selected and judgment of the investigator plays an important role. Types of Statistical errors: 1] Sampling errors 2] Non-sampling errors Sampling Error: It is the difference between sample value and actual value of a characteristic of a population.  Non-sampling errors: Errors that accurate the stage of collecting data. Types of non-sampling errors: a] Errors of measurement due to incorrect response.  b] Errors of non-response of some units of the sample selected. c] Sampling bias occurs when sample does not include some members of the target  population. Census of India  –   It provides complete and continuous demographic record of population.  National Sample Survey Organization  –   It conducts national surveys on socio-economic issues. Sarvekshana  –   Quarterly journal published by NSSO. 1 mark question: 1. What are the main sources of data? 2. Which of the two types of data are collected for a definite purpose? 3. Which type of data involves less time and is less expensive? 4. Name 2 sources of errors in data collection. 5. Name 2 agencies at national level that deals with the collection, tabulation of statistical data. 6. What is pilot survey? 7. Define sampling error.

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