Statistics for Economics for Class 11 Chapter 1 Introduction

Learn CBSE Statistics for Economics Index Terms for Class 11, Chapter 1 Introduction

1. Producer – In economics, a producer is defined as “An economic unit that manufactures or commercialises goods or services. Simply put, these are entities that supply the economic system.”

2. Consumer – A consumer or a customer is characterised as an individual who purchases goods and services for consideration, usually in the form of money. It does exclude an individual who gets a product for resale or goods and services for business reasons.

3. Employee – An employee is a person who gets compensation in the form of salary or wages for their services rendered to the employer.

4. Employer – In economics, an employer is a person or an organisation that employs one or more people to produce goods or services by providing them with compensation in the form of salary or wages in return for work done by them.

5. Economic Activity – An economic activity is an activity of providing, making, buying, or selling commodities or services by people to satisfy their day-to-day needs of life. Economic activities include any activity that deals with the manufacturing, distributing, or utilising of products or services.

6. Gainfully Employed – Comprehensively gainful employment alludes to a business circumstance where the representative or an employee gets consistent work and payment from the business, which takes into consideration self-sufficiency.

7. Seller – The term seller alludes to a party that offers a service, an asset, or a product as a trade-off for payment. A seller can be an individual, enterprise, government, or any other entity.

8. Economic Data – Economic data measures the well-being and financial health of individual markets, specific markets, specific regions, or a country. The data presented can usually be of the present compared with the past data. Economic data is used to influence monetary examination and advance other categories of monetary information or data.

9. Statistics – Statistics is the study of the collection, analysis, interpretation, presentation, and organisation of data. In other words, it is a mathematical discipline to collect and summarise data. According to statistician Sir Arthur Lyon Bowley, statistics is defined as “Numerical statements of facts in any department of inquiry placed in relation to each other”.

We hope that the offered Statistics for Economics Index Terms for Class 11 with respect to Chapter 1: Introduction will help you.

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