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© Ncert Not To Be Republished: Hapter
© Ncert Not To Be Republished: Hapter
© Ncert Not To Be Republished: Hapter
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1. W H Y
ECONOMICS?
Introduction
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Activities
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Activities
INTRODUCTION
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Activities
Consumption,
Distribution
Production
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Activity
2. STATISTICS
IN
ECONOMICS
INTRODUCTION
3. WHAT
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IS
STATISTICS?
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Activities
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INTRODUCTION
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5. CONCLUSION
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Recap
Our wants are unlimited but the resources used in the production
of goods that satisfy our wants are limited and scarce. Scarcity is
the root of all economic problems.
Resources have alternative uses.
Purchase of goods by consumers to satisfy their various needs is
Consumption.
Manufacture of goods by producers for the market is Production.
Division of the national income into wages, profits, rents and interests
is Distribution.
Statistics finds economic relationships using data and verifies them.
Statistical tools are used in prediction of future trends.
Statistical methods help analyse economic problems and
formulate policies to solve them.
EXERCISES
2. Make a list of activities that constitute the ordinary business of life. Are
these economic activities?
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