# Class 11 Economics Chapter 7 Introduction

Class 11 Economics Chapter 7 Introduction, (Assam Higher Secondary Education Council) AHSEC Class 11 Economics Question Answer in English Medium each chapter is provided in the list of AHSEC so that you can easily browse through different chapters and select needs one. Assam Board Chapter 7 Introduction Class 11 Economics Question Answer can be of great value to excel in the examination.

## AHSEC Class 11 Economics Chapter 7 Introduction

Class 11 Economics Chapter 7 Introduction Notes cover all the exercise questions in SCERT Textbooks. The SCERT Class 11 Economics Chapter 7 Introduction Solutions provided here ensure a smooth and easy understanding of all the concepts. Understand the concepts behind every chapter and score well in the board exams.

Introduction

Chapter – 7

PART – B

1. Who is considered to be the the father of economics ?

2. Define statistics in plural form.

Ans: In its plural sense, statistics means numerical information or quantitative statements of facts.

3. Define statistics in singular form.

Ans: It is a science, comprising some methods that can be used for the purpose of collection, classification, presentation, comparison and interpretation of data.

4. What are statistics called in ancient times ?

Ans: Science of king and crafts.

5. What is statistical tools ?

Ans: These are tools with the help of which statistical methods are applied.

6. What is applied statistics ?

Ans: It is the study of the application of statistical methods to specific problems so as to formulate a suitable policy.

7. Who is known as father of statistics ?

Ans: Gottfried Achenwall.

SHORT & LONG TYPES ANSWER QUESTIONS

1. Name different forms of applied statistics ?

Ans: The name of the different forms of applied statistics are :

(a) Descriptive applied statistics.

(b) Scientific applied statistics.

2. Name five statisticians who helped in the development of statistics.

Ans: Galton, Bowley, Karl Pearson, Fisher and M.Edgeworth.

3. Define Horace Sacriat’s definition of statistics ?

Ans: According Horace Sacrist, “By statistics we mean aggregates of facts affected the a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to a reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and placed in relation to each other.”

4. Name different stages of statistical investigation.

Ans: The name of the different stages of statistical investigation are:

(a) Collection of data

(b) Organisation to data

(c) Presentation of data

(d) Analysis of data

(e) Interpretation of data

5. Mention two limitations of statistics.

Ans: The two limitations of statistics are :

(a) Does not deal with individual facts.

(b) Does not deal with qualitative phenomenon.

6. Name five economic problems that can be solved by using statistics.

Ans: The name of the five economic problems that can be solved by using statistics are :

(a) Poverty

(b) Problem of unemployment.

(c) Over population

(d) Inflation

(e) Deficit in balance of payment.

7. Briefly explain the significance of economics.

Ans: The significance are :

(a) Significant for consumers and producers for attaining maximisation.

(b) Significant for commodity and factor price determination.

(c) Useful for workers, trade union bankers.

(d)Helpful for government in designing welfare promoting policies.

8. What do you mean by distrusts of statistics ?

Ans: When statistics lacks confidence of its readers, then it is said to have become distrustful. It is considered to be a liar of first order. Distrusts of statistics primarily comes due to misuses of data it collects. The tool of statistics should be used by some experienced persons. A raw or inexperienced person make it distrustful.

9. Explain appropriate definition it statistics.

Ans: Statistics in the sense of data, ore numerical statements of facts capable of analysis and interpretation and statistics in the sense of science is a study of the methods used in collection, organisation, etc of numerical data.

The main features are :

(a) Statistics provides aggregates of quantitative information.

(b) It is both a science as well as arts.

(c) It is a study of methods concerning collection, presentation, analysis and interpretation of data.

10. How will you chose the wants to be satisfied ?

Ans: Since our wants are unlimited as compared to available resources, it is therefore we analyse the various uses of these resources and satisfy those wants first which are of utmost importance. However, less important wants will be satisfied later on.

11. Mark the following statements as true of false.

(i) Statistics can only deal with quantitative data.

Ans:  False, because it deals both with quantitative and qualitative data.

(ii) Statistics solves economic problems.

Ans: True, because Statistics provided the extent of economic problem which can be solved by the policy makers.

(iii) Statistics is of no use to Economics without data.

Ans: True, because statistics should provide the extent of economic problem numerically. If it does not provide such a quantitative information, then statistics is considered to be worthless.

12. Make a list of economics activities that constitute the ordinary business of life. Are these economic activities?

Ans: The economic activities are :

(a) Production made by firm to earn profit.

(b) Consumption of book by a student to attain satisfaction.

(c) Medical services sought from a doctor.

(d) Bought apples from a shop, by paying him.

(e) Service attained from a lawyer and due payment of fees.

(f) Rent paid for a building hired.

Yes, all the above activities are ordinary business of life and are known as economic activities.

13. The Government and policy makers use statistical data to formulate suitable policies of economic development. Illustrate with two examples.

Ans: Examples in this regard are –

(a) Planners collect data regarding production and prices to frame policies promoting economic growth in the economy.

(b) For making employment policy in the country, economists collect data of unemployment in various sectors and regions, then suitable policies are designed to remove it.

14. ‘You have unlimited wants and limited resources to satisfy them’. Explain by giving two examples.

Ans: Example in this regard are-

(a) There is limited power energy in the country but it’s requirement is large enough. We utilise it first on agriculture sector, then in household and in industry. It is because agriculture sector is the priority sector among all.

(b) Supply of coal to limited, but it is also demanded by several sectors. Therefore, it will be used by thermal plants first for producing electricity and thereafter it will be used by industry and household sector.

15. How will you choose the wants to be satisfied ?

Ans: Since our wants are unlimited as compared to available resources, it is therefore we analyse the various uses of these resource and satisfy those wants first which are of utmost importance. However, less important wants will be satisfied later on.

16. What are four reason for studying economics ?

Ans: The reason are ―

(a) Significant for consumers and producers for attaining maximisation.

(b) Significant for commodity and factor price determination.

(c) Useful for workers, trade union bankers.

(d)Helpful for government in designing welfare promoting policies.

17. Statistical method are no substitute for common sense comment.

Ans: Common sense helps in solving every economic problem whereas statistical methods help in collection, presentation, analysis and interpretation of data. It provides analysis of quantitative facts by which using common sense interpretation and conclusions can easily be made. Commo sense alone can not help in solving all these problems. However, statistical methods along with common sense help move quickly the solve economic problems and framing economic policies.