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Introduction to statistics

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Introduction to statistics

  1. 1. Adam Smith’s Definition-Wealth Definition Adam Smith (1723-90) defined Economics as follows: “Economics is the science of wealth”. He is the author of the famous book ‘wealth of Nations ‘in 1976.He is known as the Father of Economics ,he was the first person who put all the economic ideas in a systematic way. It is only after Adam Smith, we study economics as a systematic science Alfred Marshall’s Definition –Welfare Definition Alfred Marshall (1842-1924) wrote a book Principles of Economics in 1990.In it; he defined economics as “a study of mankind in the ordinary business of life”. An altered form of the definition is “Economics is a study of man’s actions in the ordinary business of life”. Definitions of Economics
  2. 2. Lionel Robbins’ Definition –Scarcity Definition “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses” Robbins has given the above definition in his book ‘An Essay on the Nature and significance of Economic Science’. Samuelson’s Definition-Modern Definition of Economics “Economics is a social science concerned chiefly with the way society chooses to employ its resources, which have alternative uses, to produce goods and services for present and future consumption”
  3. 3. Main Divisions and Basic concepts of Economics There are four main divisions of economics. They are Consumption, Production, Exchange and Distribution. In Modern times, economists add one more division and that is Public finance. Consumption The economic activity by which individuals try to satisfy their needs and wants are called as consumption. The objectives of consumption are to satisfy needs and want whereas the consumer seeks satisfaction or utility. Production The process of changing, by adding value, raw materials into finished goods is called production, in other words, production is a value adding process to the raw materials in order to make final products.i.e the process of employing scare resources to satisfy human needs is known as production. Exchange Goods may be exchanged for goods or for money. If goods are exchanged for goods, we call it barter. Modern economy is a money economy .As goods are exchanged for money. Distribution Wealth is produced by the combination of Land, Labour, Capital and organization, and it is distributed in the form of rent, wages, interest and profits. Public Finance Public Finance deals with the economics of government .it studies mainly about income and expenditure of government.
  4. 4. In plural sense, statistics refers to quantative data, Statistics is the science of counting- Dr.A.L.Bowley Statistics is the collection, presentation, analysis and interpretation of numerical data-Croxton and Cowden
  5. 5.  Statistics are aggregates of facts  Statistics are numerically expressed  Statistics are affected to a marked extent by multiplicity of causes  Reasonable standards of accuracy in enumeration, estimation or collection  Statistics are collected in a systematic manner  Statistics are collected for predetermined purpose
  6. 6.  Collection of data  Classification of data  Presentation of data  Analysis of data  Interpretation of data
  7. 7.  Statistical method  Applied statistics Descriptive Scientific
  8. 8.  It is a systemized body of knowledge  Its rules and applications are universal.  It establishes relationship between cause and effect  It helps in effective forecasting  Its method are in order and serialwise  Large degree of skills and experience  Effective decision making
  9. 9.  Useful to bankers  Useful to insurance company  Useful to railways and other transport agencies  Useful to business  Useful to economists  Useful to planning
  10. 10.  Presentation of facts  Simplification of complexities  Facilitating comparisons  Facilitating the formulation of policies  Widening of human knowledge  Useful in testing the laws of other sciences  Facilitates the forecasting  Establishment of correlation between two facts
  11. 11.  Statistics does not study individuals  Statistics deals with quantitative facts  Statistics is true only to its averages  Statistics may lead to fallacious conclusion  Only experts can make use of statistics  Homogeneity and uniformity is must
  12. 12. Any questions