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CBSE class 11 commerce Economics introduction detailed notes

CBSE class 11 commerce Economics introduction detailed notes

CBSE class 11 commerce Economics introduction – CBSE is an eminent educational board and it is quite popular because of its well-evaluated syllabus and comprehensive question pattern. The board maintains equal learning process in all its affiliated schools. It imparts quality education to all students without any compromise and always keeps up a healthy learning atmosphere that enables students to perform well in exams.

CBSE class 11 commerce Economics introduction

Features of CBSE Study Material for Economics
Expert-certified study material to aid in competent preparation
Constantly updated notes to suit CBSE curriculum
Interactive videos keep study lessons from getting monotonous
CBSE Sample papers make exam preparation effective

The economics courses also contain many projects and activities. These will provide opportunities for the
learners to explore various economic issues both from their day-to-day life and also from issues, which are
broader and invisible in nature. The academic skills that they learn in these courses would help to develop
the projects and activities. The syllabus is also expected to provide opportunities to use information and
communication technologies to facilitate their learning process.

CBSE class 11 commerce Economics introduction | Unit 1: Introduction

What is Economics?

Meaning, scope and importance of statistics in Economics

Economics is one of the social sciences, which has great influence on every human being. As economic life
and the economy go through changes, the need to ground education in children’s own experience becomes
essential. While doing so, it is imperative to provide them opportunities to acquire analytical skills to
observe and understand the economic realities.

CBSE class 11 commerce Economics introduction | Chapter 1 Introduction to Economic

CBSE class 11 commerce Economics introduction

CBSE class 11 commerce Economics introduction

1. Meaning of Statistics in plural sense :– It is a collection of numerical facts.
2. Meaning of Statistics in Plural Sense :– It deals with the collection, presentation, analysis
and interpretation of quantitative information.
3. Definition of statistics in Plural Sense :– It means aggregate of facts affected to a marked
extent of multiplicity of causes numerically expressed, enumerated or estimated according to
reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and
placed in relation to each other.
4. Consumer :– A person who buys goods and services for the satisfaction of human wants.
5. Producer :– A person who produces goods.
6. Service holder :– A person who is working or in a job and gets paid for it.
7. Service Provider :– A person who gives services to others for a payment.
8. Economic activity :– Activities undertaken for monetary gain or to earn income.
9. Economics is divided into three parts :
a] Consumption
b] Production
c] Distribution
10. Consumption :
In consumption, we study wants, their origin, nature and characteristics and the laws governing
11. Production :
It refers to all activities which are undertaken to produce goods and services for generation of
income and satisfaction of wants.
12. Distribution :
Economic activity which studies how income generated from the production process is distributed
among the factors of production.
13. Data :
Economic facts in terms of numbers.
14. Importance of Statistics :
Statistics is widely used in many fields.
a] Importance to the Government :– Statistics is used in administration and efficient
functioning of departments. It collects data to fulfill its welfare objectives.
b] Importance of Statistics in Economics :-
1] Statistics helps in making economic laws like law of demand and concept of elasticity.
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1] Statistics helps in making economic laws like law of demand and concept of elasticity.
2] It helps in understanding and solving economic problem.
3] It helps in studying market structure.
4] It helps in finding mathematical relations between variables.

statistics was regarded as the science of state craft and was used to collect information related to military force, population, wealth, etc. But in modern times, the use of statistics is broad. It is not only the device for collecting sound techniques for handling analysis and drawing valid conclusions. Statistics play a significant role in the solution of problems related to planning, economics, business, management, mathematics, etc. which are as follows:

  1. Statistics in economics:
    Statistical data and techniques are useful in economic analysis. Statistical analyses are used in solving different economic problems such as consumptions, production, distribution, investment, unemployment, etc. Index no. , Time series analysis, demand analysis, forecasting techniques, etc, are some tools in statistics which are frequently used in economics.
  2. Statistics in planning:
    Planning is the logical combination of vision, goals, objectives, strategies, policies, etc. An efficient planning is needed for efficient working. Statistics helps to get the necessary information about the planning. The success of any planning depends upon the current and sound analysis of statistical data. Efficient planning can’t be imagined without statistics.
  3. Statistics in business:
    Statistics plays an important role in business. A successful business man must be very quick and accurate in decision making. Statistics helps business man to plan production, according to the test of the customers. The business man can also make correct decision about the location of the business, marketing the product, financial resources, etc, based on the statistical information.
  4. Statistics in state management:
    Statistics may be taken as the science of state craft. Different policies of the government to get the knowledge of National condition keep their records and allocate its resources in various sectors. Thus, statistics are the eyes of the state.
  5. Statistics in pure science and other social science:
    Statistics is also a helpful tool in pure science like biology, physics, astronomy, medical science, etc. and also other social science such as environmental science, geographical science, etc. In these fields, different types of information and numerical facts and figures are required to study. Without using statistical tools in these subjects, the study becomes incomplete as well as difficult.

Must Read :

CBSE class 11 commerce Economics Part A Statistics for Economics Ch1 introduction notes

CBSE class 11 commerce Economics Part A Statistics for Economics chapter 1 introduction NCRT Solution

Two major factors are responsible for the emergence of economic problems.

They are: i) the existence of unlimited human wants and ii) the scarcity of available resources. The numerous human wants are to be satisfied through the scarce resources available in nature. Economics deals with how the numerous human wants are to be satisfied with limited resources. Thus, the science of economics centres on want – effort – satisfaction.

CBSE class 11 commerce Economics introduction

Course Structure

Part AStatistics for Economics  
2.Collection, Organisation and Presentation of Data
3.Statistical Tools and Interpretation27

Recommended Articles for CBSE class 11 commerce Economics introduction

  1. CBSE Class 11 commerce economics notes
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  4. CBSE class 11 commerce Economics Part A Statistics for Economics

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