Economics · Class 12 Commerce
Ch 12Introduction to Statistical Methods and Econometrics — Class 12 Economics, concept-first.
Economics deals constantly with data — national income figures, price levels, employment numbers, trade volumes — and simply listing this data on its own tells us very little.
Key concepts
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Introduction to Econometrics
Econometrics combines economic theory, mathematics and statistics to estimate and empirically test economic relationships using real data — distinct from plain Statistics (a data-analysis toolkit not specific to economic…
Most relevant Q&A
- What is Econometrics? Briefly explain its scope.Free
- Distinguish between Statistics, Mathematical Economics and Econometrics.Preview
- The data collected by questionnaire : (a) Grouped data (b) Primary data (c) Secondary data (d) Published dataPreview
- Write a short note about 'Father of Statistics'.Preview
- Sources of Secondary data are ________. (a) Published sources (b) Unpublished sources (c) Neither published nor unpublished sources (d) Both…Preview
In previous exams
How often this chapter’s concepts have been examined — real appearance data, never estimated.
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning and Importance of Statistics in Economic Analysis
Economics deals constantly with data — national income figures, price levels, employment numbers, trade volumes — and simply listing this data on its own tells us very little.
Measures of Central Tendency: Mean, Median and Mode
Arithmetic Mean is the sum of all observations divided by their number. For ungrouped data: For data given as a discrete frequency series (each value X occurring with frequency f):
Measures of Dispersion: Range, Mean Deviation and Standard Deviation
Central tendency describes where the 'centre' of a distribution lies, but says nothing about how spread out — how dispersed — the individual values are around that centre.
Correlation
Correlation measures the degree and direction of the linear relationship between two variables — for instance, between income and expenditure, or between rainfall and agricultural output.
Regression
While correlation measures how strongly two variables are associated, Regression goes a step further and estimates the actual functional relationship between them, allowing us to predict the value of…
Index Numbers
An Index Number is a statistical measure expressing the relative change in a variable (commonly prices, but also quantities or wages) between a base period and a current period, with the base period c…
Introduction to Econometrics
Econometrics is the branch that combines economic theory, mathematical methods and statistical inference to give numerical, empirical content to economic relationships — that is, to actually estimate…
Exercises
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Sample & Board Papers
Sample papers and previous-year board questions for this subject.
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- Q1The data collected by questionnaire : (a) Grouped data (b) Primary data (c) Secondary data (d) Published dataPreview
- Q2Write a short note about 'Father of Statistics'.Preview
- Q3Find the Standard Deviation of the following data. 14, 22, 9, 15, 20, 17, 12, 11Preview
- Q4Sources of Secondary data are ________. (a) Published sources (b) Unpublished sources (c) Neither published nor unpublished sources (d) Both…Preview
- Q5What is statistics ?Preview
- Q6What are the functions of statistics ?Preview
- Q7The word 'Statistics' is used as ________. (a) Plural (b) Singular and Plural (c) Singular (d) None of the abovePreview
- Q8Write down the differences between Descriptive Statistics and Inferential Statistics.Preview
- Q9What are the functions of Statistics ?Preview
- Q10(a) Calculate the Karl Pearson correlation co-efficient for the following data. | Demand of Product X | 23 | 27 | 28 | 29 | 30 | 31 | 33 | 3…Preview
- Q11If the values of two variables move in the same direction, it is said to be __________ correlation. (a) multiple (b) negative (c) simple (d)…Preview
- Q12Econometrics is the word coined by : (a) Karl Pearson (b) Francis Galton (c) Spearman (d) Ragnar FrischPreview
- Q13State and explain the different kinds of Correlation.Preview
- Q14(a) Calculate the Karl Pearson's coefficient of correlation for the following data and explain. | Price x | 10 | 12 | 14 | 15 | 19 | | --- |…Preview
- Q15The data collected by questionnaires are __________. (a) Published data (b) Primary data (c) Grouped data (d) Secondary dataPreview
- Q16Write about National Sample Survey Office (NSSO).Preview
- Q17Find the Standard Deviation of the following data : 14, 22, 9, 15, 20, 17, 12, 11.Preview
- Q18Mention any three Limitations of Statistics.Preview
- Q19(a) What are the objectives of Econometrics ? OR (b) Calculate the Karl Pearson’s Correlation Co-efficient for the following data. | Demand…Preview
- Q20The term regression was first used by : (a) Spearman (b) Newton (c) Galton (d) PearsonPreview
- Q21What are the types of Statistics ?Preview
- Q22What are the functions of Statistics ?Preview
- Q23(a) Estimate the Karl Pearson's co-efficient of correlation with actual mean method for the following data. | Age of cars in years (X) | 3 |…Preview
More questions
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- Q1Find the Arithmetic Mean of the following weekly wages (in ₹): 12, 18, 24, 30, 36.Free
- Q2Calculate the Arithmetic Mean of the following weekly income distribution (₹'00): Income (X): 10, 20, 30, 40 with corresponding number of wo…Free
- Q3Find the Median of the marks obtained by 5 students in an economics test: 15, 22, 9, 30, 18.Free
- Q4Find the Median from the following distribution of marks scored by 40 students: Marks: 0-10, 10-20, 20-30, 30-40, 40-50; Number of students…Preview
- Q5Find the Mode from the following distribution: Marks: 0-10, 10-20, 20-30, 30-40, 40-50; Number of students (f): 5, 8, 15, 12, 5.Preview
- Q6Find the Range of the marks scored by 6 students in an economics test (out of 100): 45, 67, 32, 89, 51, 76.Preview
- Q7Calculate the Mean Deviation about the mean for the following data: 4, 8, 10, 14, 18.Preview
- Q8Calculate the Standard Deviation of the following data: 3, 6, 9, 12, 15.Preview
- Q9Calculate Karl Pearson's Coefficient of Correlation between advertising expenditure (X, in ₹'000) and sales (Y, in ₹ lakh) from the followin…Preview
- Q10Using the advertising-expenditure (X, ₹'000) and sales (Y, ₹ lakh) data from the previous question [X: 2, 4, 6, 8, 10; Y: 3, 6, 7, 10, 14],…Preview
- Q11From the following data on four commodities, calculate the Price Index Number for the current year using the Simple Aggregate Method (base y…Preview
- Q12Using the same four commodities' prices as in the previous question, calculate the Price Index Number using the Simple Average of Price Rela…Preview