{"id":2357,"date":"2019-09-18T04:15:14","date_gmt":"2019-09-18T04:15:14","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2357"},"modified":"2019-09-18T04:15:14","modified_gmt":"2019-09-18T04:15:14","slug":"statistics-in-economics","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/statistics-in-economics\/","title":{"rendered":"STATISTICS IN ECONOMICS"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/statistics-in-economics\/#STATISTICS_IN_ECONOMICS\" title=\"STATISTICS IN ECONOMICS\">STATISTICS IN ECONOMICS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/statistics-in-economics\/#STATISTICS_IN_PLURAL_SENSE\" title=\"STATISTICS IN PLURAL SENSE\">STATISTICS IN PLURAL SENSE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/statistics-in-economics\/#STATISTICS_IN_SINGULAR_SENSE\" title=\"STATISTICS IN SINGULAR SENSE\">STATISTICS IN SINGULAR SENSE<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"statistics-in-economics\"><span class=\"ez-toc-section\" id=\"STATISTICS_IN_ECONOMICS\"><\/span>STATISTICS IN ECONOMICS<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"225\" height=\"225\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/download-95.jpg\" alt=\"STATISTICS IN ECONOMICS\" class=\"wp-image-5267\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/download-95.jpg 225w, https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/download-95-150x150.jpg 150w\" sizes=\"(max-width: 225px) 100vw, 225px\" \/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Statistics are numerical statement of facts capable of\nanalysis and interpretation as well as study of the methods used in collection,\norganization, presentation, analysis and interpretation of numerical data.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Statistics word has been derived from<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Latin word \u2018<em><strong>Status<\/strong><\/em>\u2019<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Italian word \u2018<em><strong>Statista<\/strong><\/em>\u2019<\/p>\n\n\n\n<p class=\"has-medium-font-size\">German word \u2018<strong><em>Statistik<\/em><\/strong>\u2019<\/p>\n\n\n\n<p class=\"has-medium-font-size\">French word \u2018<em><strong>Statistique<\/strong><\/em>\u2019.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>GOTT FREID ACHENWALL<\/strong> is known as <strong>FATHER OF STATISTICS<\/strong>. He was the first to use this term in 1749.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>RA FISHER<\/strong> regards the science of statistics as \u2018<strong>Mathematics of observational data.<\/strong>\u2019<\/p>\n\n\n\n<p class=\"has-medium-font-size\">It has been defined in two senses:<\/p>\n\n\n\n<ul><li>SINGULAR SENSE<\/li><li>PLURAL SENSE<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"280\" height=\"180\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/images-41.jpg\" alt=\"\" class=\"wp-image-5269\"\/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"statistics-in-plural-sense\"><span class=\"ez-toc-section\" id=\"STATISTICS_IN_PLURAL_SENSE\"><\/span>STATISTICS IN PLURAL SENSE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">It refers to group of numerical data collected in a\nsystematic manner with some definite objective. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE<\/strong>: Number of persons suffering from malaria in different localities of the city.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>ACCORDING TO HORACE SACRIST<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cStatistics is the aggregate of facts, affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to a reasonable standard of accuracy, collected in a systematic manner, for a predetermined purpose and placed in relation to each other\u201d.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The features of statistics in plural sense are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide5.jpg\" alt=\"STATISTICS IN PLURAL SENSE\" class=\"wp-image-2361\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide5.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide5-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide5-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS ARE AGGREGATE OF FACTS<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">These are the aggregate of facts i.e. set of figures. It means no isolated or single figure can be called as statistics.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE:<\/strong> Marks of a student in a class cannot be termed as statistics. The marks of all the students of the class is termed as statistics.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS ARE AFFECTED TO MARKED EXTENT BY MULTIPLICITY OF CAUSES<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">These are aggregate of facts which are affected by various factors not a single factor alone. The variety of factors affect the data collected.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE: <\/strong>The production of wheat is affected by various factors like technique used for cultivation of crop, quality of pesticides and insecticides used, fertility of the soil, rainfall etc.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS ARE NUMERICALLY EXPRESSED<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Only that set of figures can be called as statistics that is\ncapable of being expressed in numerical form. It means the variable like\nhonesty, integrity, intelligence cannot be called as statistics. Thus,\nstatistics mean quantitative data not qualitative data.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE:<\/strong> Ram is tall and sham is short is qualitative data, hence not called statistics. But the height of Ram is 5 Ft and sham is 4 ft is quantitative data and will be known as statistics.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS ARE ENUMERATED OR ESTIMATED ACCORDING TO REASONABLE STANDARD OF ACCURACY<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Statistics in the form of numerical data can be obtained by\ntwo ways i.e. by enumeration or by estimation.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Enumeration method is also known as census method. This\nmethod is applied in case there is small amount of data available i.e. field of\nenquiry is not too vast. The data collected by this method is very much\nreliable and correct.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Estimation method is also known as Sampling method. When the\nfield of enquiry is very vast and there is large amount of data to be studied,\nthen this method is used.&nbsp; As per this\nmethod, a sub-part known as sample is collected from the whole population and\nthe conclusions are found out for the whole universe on the basis of sample\nselected.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS SHOULD BE COLLECTED IN SYSTEMATIC MANNER <\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Before collecting the data, a framework should be decided.\nThe data must be collected in a systematic manner to ensure the success of the\nenquiry. The data collected in haphazard manner will serve no purpose.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS SHOULD BE COLLECTED FOR PRE-DETERMINED PURPOSE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Before collecting the data for the enquiry, the purpose of\nthe enquiry should be determined in advance. The purpose of enquiry, the\nproposed sources of data must be kept in mind before conducting the enquiry.\nThe investigator should understand each element of the topic before making any\nkind of investigation.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>STATISTICS SHOULD BE PLACED IN RELATION TO EACH OTHER<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Statistics should be capable of being compared with the data\nof the same category. All the data collected must be of homogenous nature to\nmake the comparison easy.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>EXAMPLE:<\/strong> It makes no sense to compare the height of a man with the height of an animal.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"statistics-in-singular-sense\"><span class=\"ez-toc-section\" id=\"STATISTICS_IN_SINGULAR_SENSE\"><\/span>STATISTICS IN SINGULAR SENSE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">In singular sense, statistics refers to a science of all\nthose statistical methods and techniques which are related with various stages\nof statistical analysis.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>ACCORDING TO CROXTON AND COWDEN<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cStatistics may be defined as the science of collection,\npresentation, analysis, interpretation of numerical data.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>AL BOWLEY<\/strong> defines statistics as <strong>\u2018Science of Counting\u2019<\/strong>.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The features of statistics in singular sense are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide6-1.jpg\" alt=\"\" class=\"wp-image-2362\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide6-1.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide6-1-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/09\/Slide6-1-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>COLLECTION OF DATA<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Collection of data is the first step in the statistical\ninvestigation. Data must be collected in a systematic way by keeping purpose in\nmind. If the data collected is faulty, the conclusions drawn will be wrong. The\ndata is of two types:<\/p>\n\n\n\n<ul><li>PRIMARY DATA<\/li><li>SECONDARY DATA<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Primary data<\/strong> is the data collected for the first time and used specially for the particular problem. This is also known as original data.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Secondary data<\/strong> is that data which has been already collected for some other study and can be obtained from published sources also.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>&nbsp;ORGANISATION OF DATA<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">In the second stage of statistical investigation, the data\ncollected is organized. Organisation of data involves<\/p>\n\n\n\n<ul><li>Editing of data<\/li><li>Classification of data<\/li><li>Tabulation of data<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Editing of data<\/strong> is done to remove the unnecessary elements and inconsistencies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Classification of data<\/strong> is done to arrange the similar nature of data in a group.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Tabulation of data<\/strong> means presentation of data in rows and columns.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>PRESENTATION OF DATA<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">After the collection of data, the data is presented in the\nform of tables, charts, bar graphs, histograms, pie-charts, diagrams etc. this\nis done to make the data available in the easy form so that it can be\nunderstood even by the layman.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>ANALYSIS OF DATA<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Analysis of data refers to understanding and establishing\nrelationship among the different variables of the data. The data is analysed\nwith the use of:<\/p>\n\n\n\n<ul><li>Measures of Central Tendency<\/li><li>Correlation analysis<\/li><li>Regression analysis<\/li><li>Measures of Dispersion<\/li><li>Time series analysis<\/li><li>Theory of probability<\/li><li>Index Numbers<\/li><li>Skewness<\/li><li>Measure of Kurtosis<\/li><li>Interpolation and extrapolation, etc.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>INTERPRETATION OF DATA<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">This is the last stage in the statistical investigation. Interpretation of data means drawing the conclusions or results from the data analysed. This is the most difficult task. A good interpretation of the data depends upon the skills, ability, knowledge and experience of the investigator. If the results of the analysed data are not properly interpreted, the whole statistical investigation will go waste.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"320\" height=\"158\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/images-40.jpg\" alt=\"\" class=\"wp-image-5268\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/images-40.jpg 320w, https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/02\/images-40-300x148.jpg 300w\" sizes=\"(max-width: 320px) 100vw, 320px\" \/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/measures-of-central-tendency\/\">Measures of central tendency<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/arithmetic-mean\/\">Arithmetic Mean<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/median\/\">Median<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/mode\/\">Mode<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/statistics\/\">Statistics<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/functions-of-statistics\/\">Functions of statistics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-statistics\/\">Scope of statistics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/limitations-of-statistics\/\">Limitations of Statistics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/distrust-of-statistics\/\">Distrust of statistics<\/a><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"STATISTICS IN ECONOMICS\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><figcaption>STATISTICS IN ECONOMICS<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>STATISTICS IN ECONOMICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. Statistics word has been derived from Latin word \u2018Status\u2019 Italian word \u2018Statista\u2019 German word \u2018Statistik\u2019 French word \u2018Statistique\u2019. GOTT FREID ACHENWALL is known&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/statistics-in-economics\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;STATISTICS IN ECONOMICS&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2360,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[139,140],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2357"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2357"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2360"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}