# Statistics for Economics

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.

## CBSE Class 11 Statistics for Economics

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

**Chapter 2: Collection of Data**

- What is Data Collection? | Methods of Collecting Data
- Sources of Data Collection
- Direct Personal Investigation: Meaning, Suitability, Merits, Demerits and Precautions
- Indirect Oral Investigation: Meaning, Suitability, Merits, Demerits and Precautions
- Difference between Direct Personal Investigation and Indirect Oral Investigation
- Information from Local Source or Correspondents: Meaning, Suitability, Merits, and Demerits
- Questionnaires and Schedules Method of Data Collection
- Difference between Questionnaire and Schedule
- Qualities of a Good Questionnaire and types of Questions
- What are the Published Sources of Collecting Secondary Data?
- What Precautions should be taken before using Secondary Data?
- Two Important Sources of Secondary Data: Census of India and Reports & Publications of NSSO
- What is National Sample Survey Organisation (NSSO)?
- What is Census Method of Collecting Data?
- Sample Method of Collection of Data
- Methods of Sampling
- What makes a Sampling Data Reliable?
- Difference between Census Method and Sampling Method of Collecting Data
- What are Statistical Errors?

**Chapter 3: Organisation of Data**

__Organization of Data____Objectives and Characteristics of Classification of Data____Basis of Classification of Data____Concept of Variable and Raw Data____Types of Statistical Series__- Everything to know about Frequency Distribution
- Difference between Frequency Array and Frequency Distribution
__Types of Frequency Distribution__

**Chapter 4: Presentation of Data: Textual and Tabular**

- Textual Presentation of Data: Meaning, Suitability, and Drawbacks
- Tabular Presentation of Data: Meaning, Objectives, Features and Merits
- Different Types of Tables
__Classification and Tabulation of Data__

**Chapter 5: Diagrammatic Presentation of Data**

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

**Chapter 6: Measures of Central Tendency: Arithmetic Mean**

- Measures of Central Tendency
- Arithmetic Mean: Meaning, Example, Types, Merits, and Demerits
- What is Simple Arithmetic Mean?
- Calculation of Mean in Individual Series | Formula of Mean
- Calculation of Mean in Discrete Series | Formula of Mean
- Calculation of Mean in Continuous Series | Formula of Mean
- Calculation of Arithmetic Mean in Special Cases
- Weighted Arithmetic Mean

**Chapter 7: Measures of Central Tendency: Median and Mode**

- Median(Measures of Central Tendency): Meaning, Formula, Merits, Demerits, and Examples
- Calculation of Median in Individual Series | Formula of Median
- Calculation of Median in Discrete Series | Formula of Median
- Calculation of Median in Continuous Series | Formula of Median
- Graphical Determination of Median
- What do you know about Partition Value?
- Mode: Meaning, Formula, Merits, Demerits, and Examples
- Calculation of Mode in Individual Series | Formula of Mode
- Calculation of Mode in Discrete Series | Formula of Mode
- Grouping Method of Calculating Mode in Discrete Series | Formula of Mode
- Calculation of Mode in Continuous Series | Formula of Mode
- Calculation of Mode in Special Cases
- Calculation of Mode by Graphical Method
- Mean, Median and Mode: Meaning, Relationship, Best Average and Comparative Features

**Chapter 8: Measures of Dispersion**

- Measures of Dispersion: Meaning, Absolute and Relative Measures of Dispersion
- Range: Meaning, Coefficient of Range, Merits and Demerits
- Calculation of Range and Coefficient of Range
- Interquartile Range and Quartile Deviation
- Quartile Deviation and Coefficient of Quartile Deviation: Meaning, Formula, Calculation, and Examples
- Mean Deviation: Meaning, Coefficient of Mean Deviation, Merits and Demerits
- Calculation of Mean Deviation for different types of Statistical Series
- Standard Deviation: Meaning, Coefficient of Standard Deviation, Merits, and Demerits
- Standard Deviation in Individual Series
- Methods of calculating Standard Deviation in Discrete Series
- Methods of calculation of Standard Deviation in frequency distribution series
- Combined Standard Deviation: Meaning, Formula, and Example
- How to calculate Variance?
- Coefficient of Variation: Meaning, Formula and Examples
- Lorenz Curve: Meaning, Construction, and Application

**Chapter 9: Correlation**

__Correlation: Meaning, Significance, Types and Degree of Correlation____Methods of measurements of Correlation____Calculation of Correlation with Scattered Diagram____Spearman’s Rank Correlation Coefficient____Calculation of Karl Pearson’s Coefficient of Correlation____Methods of Calculating Karl Pearson’s Coefficient of Correlation__

### Chapter 10: Index Number

__Index Number: Meaning, Characteristics, Uses and Limitations____Methods of Construction of Index Number____Unweighted or Simple Index Numbers: Meaning and Methods____Methods of calculating Weighted Index Numbers____Fisher’s Index Number as an Ideal Method____Fisher’s Method of calculating Weighted Index Number____Paasche’s Method of calculating Weighted Index Number____Laspeyre’s Method of calculating Weighted Index Number____Laspeyre’s, Paasche’s, and Fisher’s Methods of Calculating Index Number____Consumer Price Index (CPI) or Cost of Living Index Number: Construction of Consumer Price Index|Difficulties and Uses of Consumer Price Index____Methods of Constructing Consumer Price Index (CPI)____Wholesale Price Index (WPI): Meaning, Uses, Merits, and Demerits____Index Number of Industrial Production: Meaning, Characteristics, Construction, and Example____Inflation and Index Number__

#### Important Formulas:

__Important Formulas in Statistics for Economics__

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