Economics · Class 11 Commerce
Ch 7Introduction — Class 11 Economics, concept-first.
Economics studies the ordinary business of life — a phrase used by Alfred Marshall, one of the founders of modern economics, who described the subject as the study of people going about their everyday livelihood. It is about how ordinary people earn their living and spend what they earn.
Key concepts
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Statistics Nature Scope
Imagine you're the captain of a school cricket team. You have to pick the best bowler for the final match. You've seen him bowl in practice — sometimes he's deadly, sometimes he gets smashed.
Most relevant Q&A
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Why Economics?
Economics studies the ordinary business of life — a phrase used by Alfred Marshall, one of the founders of modern economics, who described the subject as the study of people going about their everyday…
We Cannot Get Something for Nothing
The central idea here is scarcity — the fact that the things which satisfy our wants are limited in availability, while our wants themselves are not.
Consumption, Production and Distribution
Economics is the study of man engaged in economic activities of various kinds. To understand these activities, Economics is conventionally organised into three parts — consumption, production, and dis…
Statistics in Economics
The special studies of a country's basic problems — poverty, inequality, the effects of disasters, and so on — all require that we know more about economic facts.
What is Statistics?
Statistics deals with the collection, analysis, interpretation, and presentation of numerical data. It is a branch of mathematics and is used across many disciplines — accounting, economics, managemen…
What Statistics Does?
Statistics is an indispensable tool for the economist. Using its various methods, it serves several distinct purposes in the study of an economic problem.
Conclusion
Today we increasingly use Statistics to analyse serious economic problems — rising prices, growing population, unemployment, poverty, and the like — in order to find measures that can solve them.
Recap
Key points from the chapter:
Exercises
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- Q1Mark the following statements as true or false. (i) Statistics can only deal with quantitative data. (ii) Statistics solves economic problem…Free
- Q2Make a list of activities in a bus stand or a market place. How many of them are economic activities?Free
- Q3'The Government and policy makers use statistical data to formulate suitable policies of economic development'. Illustrate with two examples…Free
- Q4"You have unlimited wants and limited resources to satisfy them." Explain this statement by giving two examples.Preview
- Q5How will you choose the wants to be satisfied?Preview
- Q6What are your reasons for studying Economics?Preview
- Q7Statistical methods are no substitute for common sense. Comment with examples from your daily life.Preview