Statistics Introduction

Statistics Introduction

Assessment

Flashcard

Other

11th Grade

Practice Problem

Hard

Created by

Swapnil Sahastrabuddhe

FREE Resource

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8 questions

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1.

FLASHCARD QUESTION

Front

📊 What is Statistics?

Back

Statistics is the science of collection, analysis, interpretation, and presentation of numerical data.
✔ Branch of Mathematics
✔ Used in Economics, Accounting, Finance, Management, Psychology, Sociology, Physics.

2.

FLASHCARD QUESTION

Front

💡 Why is Statistics indispensable for an economist?

Back

✔ Helps understand economic problems
✔ Identifies causes using data
✔ Assists in formulating policies to solve problems.

3.

FLASHCARD QUESTION

Front

🔍 How does Statistics improve presentation of facts?

Back

✔ Converts vague statements into exact data.
Example:
✅ “310 people died in earthquake” (precise)
❌ “Hundreds of people died” (vague).

4.

FLASHCARD QUESTION

Front

📈 How does Statistics summarise mass data?

Back

✔ Uses numerical measures (mean, variance, standard deviation) to condense large data sets.
Example: Average income summarises all individual incomes.

5.

FLASHCARD QUESTION

Front

🔄 What relationships are analysed in Economics using Statistics?

Back

Price ↔ Demand
Price ↔ Supply
Income ↔ Consumption Expenditure
Govt. Expenditure ↔ General Price Level

6.

FLASHCARD QUESTION

Front

📝 How does Statistics test economic assumptions?

Back

✔ Economists assume relationships and verify their validity using statistical techniques like hypothesis testing and regression.

7.

FLASHCARD QUESTION

Front

🔮 How is Statistics used in prediction and planning?

Back

✔ Predicts future changes in one factor due to changes in another.
✔ Example: Today’s investment ➔ Future national income
✔ Helps set production targets based on consumption forecasts.

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