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Title: Statistics for Economics Class 11 Notes
Description: Statistics for Economics Class 11 Notes Chapter 1 Introduction

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Statistics for Economics Class 11 Notes
Chapter 1 Introduction
● Economics by Alfred Marshall, “The study of man in the ordinary business
of life”
...

● Consumption “Consumption is the process of using up utility value of
goods and services for the direct satisfaction of our wants”
...

● Production “Production is the process of converting raw material into
useful thing”
...
It is an art of
abstinence from consumption
...

● Economic Activity It is an activity which is related to the use of scarce
means
...

● Economic Problem It is the problem of choice arising on account of the
facts that resources are scarce and these have alternative uses
...

Accqrding to Bowley, “Statistics are numerical statements of facts in any department of
enquiry placed in relation to each other
...

According to Seligman, “Statistics is the science which deals with the methods of
collecting, classifying, presenting, comparing and interpreting numerical data collected
to throw some light on any sphere of enquiry”
Title: Statistics for Economics Class 11 Notes
Description: Statistics for Economics Class 11 Notes Chapter 1 Introduction