Question

Complete the following observations:

(i) Statistics means ____________.

(ii) Statistics and economics are ____________.

(iii) The term population refers to ____________.

(iv) Descriptive Statistics means those methods ____________.

Answer 1

(i) Statistics means quantitative information. That is, statistics takes account of only quantitative data. In other words, statistics is expressed only in numerical terms. On the other hand, the qualitative variables such as tall, reduction, etc. are not considered statistics. For instance, “unemployment has declined” is not a statistical statement. However, “unemployment has declined by 2% during 1997-98” can be termed as a statistical statement.

(ii) Statistics and economics are complementary to each other. Statistics forms the basic tool for understanding and analysing the magnitude and relationship between various economic variables, thereby, helps in the formation of appropriate policies and research. It is only when economic facts are expressed in statistical terms that they become more exact.

(iii) The term population refers to the aggregate of all the units to be studied for an investigation.For example, suppose a survey is conducted to judge the performance of the students in a school. Here, students of the entire school is called the population or universe.

(iv) Descriptive statistics means those methods which are used for the collection, presentation and analysis of data. It consists of all the methods that helps in the estimation of various parameters like averages (mean, median and mode),deviations ( mean deviation, standard deviation) and measures of correlation. for e.g. descriptive statistics is used to know the average marks of a particular class, measuring the variation in the prices of stocks etc.