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Definitions of Economics
Adam Smiths Definition-Wealth
Definition
Economics is a social science concerned chiefly with the way society chooses to
employ its resources, which have alternative uses, to produce goods and services for
present and future consumption
STATISTICS
In plural sense, statistics refers to quantative
data, Statistics is the science of countingDr.A.L.Bowley
Statistics is the collection, presentation,
analysis and interpretation of numerical
data-Croxton and Cowden
CHARACTERISTICS OF
STATISTICS
CHARACTERISTICS OF STATISTIC
IN SINGULAR SENSE
Collection of data
Classification of data
Presentation of data
Analysis of data
Interpretation of data
Statistical method
Applied statistics
Descriptive
Scientific
SCIENCE \ ART
Useful to bankers
Useful to insurance company
Useful to railways and other transport
agencies
Useful to business
Useful to economists
Useful to planning
FUNCTIONS
Presentation of facts
Simplification of complexities
Facilitating comparisons
Facilitating the formulation of policies
Widening of human knowledge
Useful in testing the laws of other sciences
Facilitates the forecasting
Establishment of correlation between two
facts
LIMITATION
Any questions