"Introduction to statistics " topic is for class 11th students to understand the concept of economics.

1. Introduction to
statistics
BY:NAVNEET KAUR

2. Definition of Economics
Alfred Marshall a great profounder of Modern Economics
defines economics as “the study of mankind in the ordinary
business of life.”

3. Definition of Economics
•Economics is a social science concerned with the production,
distribution, and consumption of goods and services.
• It studies how individuals, businesses, governments, and nations
make choices on allocating resources to satisfy their wants and
needs, trying to determine how these groups should organize and
coordinate efforts to achieve maximum output.

4. Ordinary Business Of Life
•Economics is the study of mankind in the ordinary business of life.
•Individuals and social life actions which are closely connected with
the use of the material requirement.
•Any activity undertaken for monetary purpose is termed by
economists as ordinary business of life.

5. What Is Economic Problems
•Economic Problems are the problems of choice, or of allocating
scarce resources to others uses due to scarcity of resources.
•These resources have alternative uses, which is why the problem of
choice arises.

6. Why Economic Problem Arise
•Human wants are unlimited, but the resources to satisfy those wants
are limited and these resources have alternative uses.
•Resources Scarcity gives rise to the problem of choice among
consumer and they make rational choice to satisfy their demand.

7. Economy And Its Components
•A system in which people get a living to satisfy their wants through
the processes of Production, Consumption, Investment and
Exchange. It has four components:
Production: It defines as ‘creation of utility’. It is the process in
which inputs are transformed to goods or services.
Consumption: It is defined as ‘usage of goods/services’. It is the
process by which a good or a service is completely used up.

8. Economy And Its Components
Investment: It is a part of production which is committed for future
income.
Distribution: It is a part of production which explains how the
national income is distributed among different factors of production.

9. Factors of Production
There are four factors of production:
1. Land: Part of the income goes to the owner of land in the form of
rent.
2. Labour: Part of the income goes to the labourers for their services
in the form of wages.
3. Capital: Part of the income goes to the owner of capital in the
form of interest.
4. Entrepreneur: Part of the income goes to entrepreneurs in the
form of profits.

10. Meaning Of Statistics
Statistics is the quantitative information of facts and findings.
In singular sense:
“Statistics may be defined as the collection, organisation,
presentation, analysis, and interpretation of data”
In plural sense:
statistics refers to information in terms of numbers or numerical data
such as population statistics.

11. Scope Of Statistics
In Planning: Planning is the combination of vision, goals, objectives,
strategies, policies, etc. Statistics helps to get the necessary
information about the planning which depends upon the analysis of
statistical data.
In Economics: Statistical Analysis are used in solving different
economic problems such as consumptions, production, distribution,
investment, unemployment, etc.

12. In Business: Statistics helps businesses to test and make correct
decisions about the location of the business, marketing the product,
financial resources , etc, based on the statistical information.
In state Management: In order to set different policies to run an
economy resources efficiently and allocating economy resources in
various sectors based on different statistical tools.