Introduction — Part 2: Statistics, Data, Functions and Limitations: visual lesson, CBSE Class 11 Economics

Lesson

Statistics: Meaning, Uses and Limits

Part 2: the two senses of statistics, kinds of data, functions and limitations.

In this lesson you will

Explain statistics in its plural and singular senses
Distinguish quantitative from qualitative data and summarise both
Explain the functions, uses and importance of statistics in economics
State the limitations of statistics and apply them to a claim

Decisions need facts; statistics supplies the method

Concept

Two senses of the word statistics

In the plural sense, statistics means numerical facts, or data. In the singular sense, statistics is the science of collecting, organising, presenting, analysing and interpreting data.

Statistics: numerical facts (plural) and the science of handling them (singular).

Diagram

Five stages of statistics

Each stage builds on the previous one

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