Social Science · Class 11
Economics: Statistics
Learn Economics: Statistics with notes, examples, and practice questions.
4 sections15–25 min read6 MCQs · 2 examples
Chapter Overview
Statistics for economics covers collection, organisation, presentation, and interpretation of data — measures of central tendency, dispersion, correlation, and index numbers for economic analysis.
Data Collection
- Primary vs secondary data
- Census and sample surveys
- Random sampling reduces bias
- Statistical enquiry steps — planning to reporting
Central Tendency
- Mean, median, mode — when to use each
- Mean affected by extreme values
- Median for skewed distributions
- Mode for most frequent value
Dispersion and Correlation
- Range, quartile deviation, standard deviation
- Lorenz curve for inequality
- Correlation — positive, negative, zero
- Index numbers — CPI, WPI measure price changes
Solved Examples
Step-by-step solutions — read each step before checking the final answer.
Mean vs median
When is median better than mean?
- 1Data has extreme outliers
- 2Median not affected by very high/low values
Answer
When distribution is skewed with extreme values
Index number
What does Consumer Price Index measure?
- 1Change in retail prices of consumer basket
- 2Base year = 100 for comparison
Answer
Retail price inflation for consumers
Key Points to Remember
- ✓ Statistics supports economic policy decisions
- ✓ Good data needs careful collection method
- ✓ Dispersion shows spread not just average
- ✓ Index numbers compare across time
Exam Tips
- • Calculate mean and median
- • Difference primary and secondary data
- • What is standard deviation?
Practice MCQs — Economics: Statistics
Test your understanding with topic-wise multiple choice questions. Explanations appear after each answer.
Question 1 of 6Score: 0/0
Median is middle value when data: