Tr Jain & Vk Ohri (2017) for Class 11 Science Economics Chapter 1 - Concept Of Economics And Significance Of Statistics In Economics

Answer:

Economic and non-economic activities are listed below.

Economic activities:
1. Services of a maid
2. Vegetables purchased by mother
3. Dad working in the office
4. Mother making snacks for sale

All the above activities involve the use of scarce resources for carrying out production, consumption, saving, investment, etc and are undertaken with the aim of monetary gain. Thus, these activities are called economic activities.

Non-economic activities: 
1. Mother teaching her son   
2. Contribution to charity 
3. Watching movie in the house
4. Food prepared by mother for self consumption
  
The above mentioned activities are concerned with psychological needs and cannot be measured in terms of money. Hence, these activities are regarded as non economic activities.

         

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(i) Statistics means quantitative information. That is, statistics takes account of only quantitative data. In other words, statistics is expressed only in numerical terms. On the other hand, the qualitative variables such as tall, reduction, etc. are not considered statistics. For instance, “unemployment has declined” is not a statistical statement. However, “unemployment has declined by 2% during 1997-98” can be termed as a statistical statement.

(ii) Statistics and economics are complementary to each other. Statistics forms the basic tool for understanding and analysing the magnitude and relationship between various economic variables, thereby, helps in the formation of appropriate policies and research. It is only when economic facts are expressed in statistical terms that they become more exact.

(iii) The term population refers to the aggregate of all the units to be studied for an investigation.For example, suppose a survey is conducted to judge the performance of the students in a school. Here, students of the entire school is called the population or universe.

(iv) Descriptive statistics means those methods which are used for the collection, presentation and analysis of data. It consists of all the methods that helps in the estimation of various parameters like averages (mean, median and mode),deviations ( mean deviation, standard deviation) and measures of correlation. for e.g. descriptive statistics is used to know the average marks of a particular class, measuring the variation in the prices of stocks etc.

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To compare the academic performance of your school with other schools in your neighbourhood, the following statistical information would be required:-
 

School with the highest mean marks and the lowest coefficient of variation can said to be performing academically better than other school.

Answer:

The following are two pairs of statistical variables that show ‘cause and effect relationship’ with each other: 

i) Unemployment rate and inflation rate: Unemployment and inflation are negatively related to each other. In other words, with a decrease in unemployment rate, the inflation rate rises and vice-versa. For instance, with the decrease in the unemployment, the income of people increases. This results in an increase in the demand for goods and services, which in turn leads to an increase in the general price level (inflation). 

ii) Wage rate and price level: Wage rate and price level are positively related to each other. In other words, an increase in the general wage rates, results in a rise in the general price level. With an increase in the wage rate of workers, the cost of production increases. To maintain their level of profit margins, the producers pass on this increase in the cost of production to consumers in the form of higher prices.