Introduction to Economics

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Since you have opted for commerce as your subject after 10th, it is important for you to know that now you will tend to hear words such as development and growth, as both these words are a part of economics.

Economics is more like a practical subject than theory. Therefore, these two terms are explained practically in CBSE class 11 Statistics Economics chapter 1. Every economics theory has a quantitative dimension. The first chapter of economics statistics explains some of the below-mentioned theories:

  • Without data, statistics are of no use to economics.
  • Economic problems are solved through statistics.
  • The importance of statistical data for policy makers to calculate economic development.
  • Human wants are unlimited.
  • Definition of Economic Growth.
  • Indicators of Economic Growth.

In short, the economic statistics chapter explains you the importance of statistics in economics and how it is beneficial in various field to understand human wants through statistics. How it is useful to government agencies to calculate economic figures using the data. Thus if your concept of introductory chapter is cleared, you will find economics relatively easy than the other subjects.

In the first chapter, it was all about the importance of statistics in economics and Class11 Statistics Ch-2 Collection of Data explains to you how the economic data is collected. Economics is a vast subject, and there are a lot of calculations that need to be made by the government before preparing the annual budget. First of all, the economic growth is calculated. Now economic growth refers to the income that has grown in the country from the previous year. While calculating Economic growth primarily the production of goods and services are taken into consideration besides many other factors. Now economic growth is a single dimensional concept, and therefore it considers only economic factors. Some of the other data that needs to be collected are:

  • Agricultural Growth
  • Industrial Growth
  • Per Capita Income
  • National Income
  • Per Capita Consumption

The following chapters of class11 explains the topics such as the presentation of data, organization of data, measures of dispersion, correlation, measures of central tendency, and index numbers. Thus class11 statistics economics explains you everything in gist, what you will be studying in your future classes. All the topics that are in covered in you 11th standard NCERT books will give you a brief idea of what economics is all about and how statistics and economics go hand in hand. All the economics data are of no use until you have statistics to calculate then. Likewise, statistics are of no use until you have economic data. Country’s real increase in national income is explained in quantitative concept in statistics. With the help of statistics, all the economic factors like productivity, income, environmental balance, human development index and GDP of the nation are all calculated through statistics. Thus statistics is the core of economics, and along with the definition of all economic terms, one should give importance to statistics equally as we have already discussed how economics and statistics are co-related. This is a compulsory subject in commerce, therefore, you don’t have a choice but to make sure you’re every concept of class 11 statistics economics are clear.