Fundamentals of Economic Statistics

Fundamentals of Economic Statistics
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Fundamentals of Economic Statistics

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Publisher: Agrotech Publications
ISBN: 9788183211499
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INTRODUCTION TO STATISTICS
What is statistics The word statistics has been derived from the Latin word status or the German 'statistik both of which means a political state . The word statistics is used in both singular and plural sense. In plural sense it is used to refer some numerical statements of facts or quantitative information pertaining to a phenomenon. For example number of students in a college, male and female students, married and unmarried or undergraduates and postgraduates, statistics of production figures of various industries. As a singular form the term statistics is used to describe the subject that refers to the statistical techniques or methods of collecting, compiling, presenting, analyzing and interpreting quantitative data. Statistics is usually not studied for its name sake, but it is useful as an invaluable tool or scientific method in the analysis of various problems in the natural as well as social sciences. Statistics have today assumed the greatest importance in the study of Economic Statistics. In Economic Statistics the main aim of statistics is to enable comparison between past and present results with a view to determine the causes for changes which have taken place and the effect of such changes in the future also. Statistics aims at describing, analyzing, classifying and extracting salient features of a mass quantitative data. Thus according to Croxton and Cowden "statistics may be defined as a science which deals with the methods of collection, classification, presentation, comparing and interpreting numerical data to throw light on any sphere of enquiry."
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Fundamentals of Economic Statistics
Scope of Statistics Today the scope of statistics has become considerably wider than what was in the past. Long ago statistics was conceived as a state craft only. But nowadays, it has become a universally applicable scientific method. Statistics covers all fields of study in which we have to deal with quantitative data or even qualitative data which is changed into quantitative one. Almost all branches of science in which various laws are to be verified on the basis of some numerical facts necessitate the study of statistical techniques. Thus, statistics is essential whenever there is a need to study quantitative characteristics and various statistical methods provide scientific measurement of numerical changes in complex groups and judging collective phenomena. Its scope is, therefore, very extensive and its application is almost universal so far as quantitative characteristics of study are concerned particularly to economists, businessmen and scientists. We give below some of the uses of statistics in economics.
Role of Statistics in Economics It is almost impossible to find a problem in the field of economics which does not require an extensive use of statistical data. One can realise the importance and use of statistics in all branches of economics.