Economics And Statistics

Introduction

1.overview. 2.data collection. 3.data organization. 4.data presentation.

Overview……………

Since Scarcity is refer to the shortage of anything ,so whenever scarcity of resources arises it give birth to economic problem. hence we can define economics as a tool to manage and used these limited available resources in order to satisfy maximum possible demand.

Statistics is a collection of data and figures. it can be qualitative or quantitative both. a qualitative data is a data that is refer to quality of things for example "he is taller then amine". while a quantitative data is a data that is refer to particular quantity of a material for example "total rice production this year is 430 ton".

Data Collection………

Data can be collected from complete source or a sample of data source for example while calculating average power consumption of particular area you can collect power consumption from each and every individual houses or can choose some particular houses for collecting data .

There are three mode of collecting data  i) Personal interaction. ii) By mail. iii) Telephonic conversation.

DATA ORGANIZATION……….

Once the data is collected after census and sampling it need to be organized as it can't be presented in a raw form for analysis since larger is

a unorganized data more tedious will be the task to analyze it

to be continued..

Classification of data:- Process of classifying data into various classes known as

classification . it can be chronological or spatial.

i) Chronological classification:- classification in relevance to time.

ii) Spatial classification :- classification on the basis of geographic location.

Variables:-Variables used in classification can be continuous or

discrete.

Frequency Distribution:-Frequency distribution is a process of classifying

raw data among classes.i) Initially range is find for frequency distribution

by subtracting the maximum possible value from minimum possible value.

ii) then range is divided into number of classes  of equal or unequal interval.

iii) now the frequency count for each class is find.iv) finally frequency count is represented with

class

Exclusive and Inclusive classification :- In exclusive method of classification upper limit of a

class is excluded from its interval. In inclusive method of classification upper limit of a

class is included in its interval.

Bi variate distribution:- a distribution that involve two or more variable for

distribution known as bi-variate distribution.

Frequency array:- classification of discrete values is known as frequency

array.

Data Representation……

once the data is classified its time to present it through various forms of data presentation.

it can be presented through following method:-i) Textual representation:- here collected and classified

data are represented in the form of text .ii)Tabular representation:-    a table must contain name of

table, table number,unit,source,note. iii)diagrammatic representation:-     following diagrammatic representation can be used     a) bar graph.     b) pie chart.     c) histogram.     d) frequency polygon.

Thank you…………………