Economics 1 Marks Question

Two different types of activities are:

1. Economic activities.
2. Non-economic activities.

Consumption is an economic process of use of various goods and services for the satisfaction of human wants.

Given below are the two examples of statements which are not statistics:

1. Sita has ₹ 20 in her purse.
2. Sale of firm A has gone up.

The two functions of statistics are:

1. It helps in making comparisons.
2. It facilitates the understanding of economic problem.

Given below are the two examples of statements which are statistics:

1. The production of wheat has increased by 15% from the year 2014 to 2015.
2. The average height of students of Class XIth in the school is 165cms.

These examples relate to qualitative data.

An economic activity is an activity undertaken for earning money in return. For example, a teacher teaching in a class.

Economics is “a study of how people and society choose to employ scarce resources, having alternative uses in order to produce various commodities that satisfy their wants and to distribute these commodities for consumption among various people and groups in the society”.

Qualitative facts are not studied in statistics.

The two examples of quantitative data are:

1. Demand of goods.
2. Daily temperature.

Statistical data should be collected in a systematic and orderly manner because no conclusions can be drawn from statistics collected in a haphazard manner.

One who gets paid for a job is called an employee.

Production is the act of manufacturing goods and services for the satisfaction of wants.

Manufacturer of goods with the motive of sale in the market is called a producer.

A non-economic activity refers to an activity which is not concerned with earning money but is undertaken out of love, respect, duty etc.

Statistics is defined in singular and plural senses.

Statistics presents complex data in a simple form, so that it becomes easy to comprehend.

Scarcity is the root cause of all economic problems.

A consumer is the person who uses goods for his/ her satisfaction of wants.

Distribution means division of national income among various factors of production as per their contribution.

Statistics in singular sense refers to the "science of collection, analysis, interpretation and presentation of numerical data".

Statistics is only a means to indicate problems. Statistics helps us to collect data, organise analyse and then interpret it to find solutions to our problems. Statistics does not provide readymade solutions. Solutions have to be provided by the investigator on the basis of data collected.

Scarcity refers to the shortage of the commodities available to satisfy unlimited human wants. It is the root cause of all economic problems.

A service-provider is one who provides some kind of services to others for a payment. Doctors, lawyers, etc are examples of service-providers.

Activities which are not concerned with money are called non-economic activities. e.g., housewife cooks food for her family.

Statistics as statistical data or in plural sense refers to "an aggregate of facts, numerically expressed, affected to a marked extent by multiplicity of causes, reasonably accurate in enumeration, estimation or collection of data, collected in a systematic manner for a pre-determined purpose".