Statistics for Economics

The word Statistics is derived from the Greek word ‘Statistique,’ the Latin word ‘Status,’ the Italian word ‘Statista,’ and the German word ‘Statistic.’ Statistics is defined as the study, collection, analysis, interpretation, and organization of data for different ultimate objectives. Statistics help a user in gathering and analyzing huge numerical data easily and efficiently. Statistics can be easily defined in two senses: Plural Sense and Singular Sense.

Statistics for Economics plays a major role in economics. Statistics helps in the study of market structure and understanding the different economic problems. After a better understanding of the economic problems, statistics also help in solving those issues by formulating appropriate economic policies. Every economics branch takes the help of statistics to prove different economic theories. One can also establish a mathematical relationship with the help of statistics. Economists can present the facts of economics precisely. 

Chapter 1: Concept of Economics and Significance of Statistics in Economics

1. Introduction to Statistics for Economics 

Chapter 2: Collection of Data

1. What is Data Collection? | Methods of Collecting Data
2. Sources of Data Collection | Primary and Secondary Sources
3. Direct Personal Investigation: Meaning, Suitability, Merits, Demerits and Precautions
4. Indirect Oral Investigation: Meaning, Suitability, Merits, Demerits and Precautions
5. Difference between Direct Personal Investigation and Indirect Oral Investigation
6. Information from Local Source or Correspondents: Meaning, Suitability, Merits, and Demerits
7. Questionnaires and Schedules Method of Data Collection
8. Difference between Questionnaire and Schedule
9. Qualities of a Good Questionnaire and types of Questions
10. What are the Published Sources of Collecting Secondary Data?
11. What Precautions should be taken before using Secondary Data?
12. Two Important Sources of Secondary Data: Census of India and Reports & Publications of NSSO
13. What is National Sample Survey Organisation (NSSO)?
14. What is Census Method of Collecting Data?
15. Sample Method of Collection of Data
16. Methods of Sampling
17. Father of Indian Census
18. What makes a Sampling Data Reliable?
19. Difference between Census Method and Sampling Method of Collecting Data
20. What are Statistical Errors?

Chapter 3: Organisation of Data

• Organization of Data
• Objectives and Characteristics of Classification of Data
• Basis of Classification of Data 
• Concept of Variable and Raw Data
• Types of Statistical Series
• Difference between Frequency Array and Frequency Distribution
• Types of Frequency Distribution

Chapter 4: Presentation of Data: Textual and Tabular

1. Textual Presentation of Data: Meaning, Suitability, and Drawbacks
2. Tabular Presentation of Data: Meaning, Objectives, Features and Merits
3. Different Types of Tables
4. Classification and Tabulation of Data

Chapter 5: Diagrammatic Presentation of Data

1. Diagrammatic Presentation of Data: Meaning , Features, Guidelines, Advantages and Disadvantages
2. Types of Diagrams
3. Bar Graph | Meaning, Types, and Examples
4. Pie Diagrams | Meaning, Example and Steps to Construct
5. Histogram | Meaning, Example, Types and Steps to Draw
6. Frequency Polygon | Meaning, Steps to Draw and Examples
7. Ogive (Cumulative Frequency Curve) and its Types
8. What is Arithmetic Line-Graph or Time-Series Graph?
9. Diagrammatic and Graphic Presentation of Data

Chapter 6: Measures of Central Tendency: Arithmetic Mean

1. Measures of Central Tendency 
2. Arithmetic Mean: Meaning, Example, Types, Merits, and Demerits
3. What is Simple Arithmetic Mean?
4. Calculation of Mean in Individual Series | Formula of Mean
5. Calculation of Mean in Discrete Series | Formula of Mean
6. Calculation of Mean in Continuous Series | Formula of Mean
7. Calculation of Arithmetic Mean in Special Cases
8. Weighted Arithmetic Mean

Chapter 7: Measures of Central Tendency: Median and Mode

• Median(Measures of Central Tendency): Meaning, Formula, Merits, Demerits, and Examples
• Calculation of Median for Different Types of Statistical Series
• Calculation of Median in Individual Series | Formula of Median
• Calculation of Median in Discrete Series | Formula of Median
• Calculation of Median in Continuous Series | Formula of Median
• Graphical Determination of Median
• Mode: Meaning, Formula, Merits, Demerits, and Examples
• Calculation of Mode in Individual Series | Formula of Mode
• Calculation of Mode in Discrete Series | Formula of Mode
• Grouping Method of Calculating Mode in Discrete Series | Formula of Mode
• Calculation of Mode in Continuous Series | Formula of Mode
• Calculation of Mode in Special Cases
• Calculation of Mode by Graphical Method
• Mean, Median and Mode| Comparison, Relationship and Calculation

Chapter 8: Measures of Dispersion

1. Measures of Dispersion | Meaning, Absolute and Relative Measures of Dispersion
2. Range: Meaning, Coefficient of Range, Merits and Demerits
3. Calculation of Range and Coefficient of Range
4. Interquartile Range and Quartile Deviation
5. Partition Value | Quartiles, Deciles and Percentiles
6. Quartile Deviation and Coefficient of Quartile Deviation: Meaning, Formula, Calculation, and Examples
7. Quartile Deviation in Discrete Series | Formula, Calculation and Examples
8. Quartile Deviation in Continuous Series | Formula, Calculation and Examples
9. Mean Deviation: Coefficient of Mean Deviation, Merits, and Demerits
10. Calculation of Mean Deviation for different types of Statistical Series
11. Mean Deviation from Mean | Individual, Discrete, and Continuous Series
12. Mean Deviation from Median | Individual, Discrete, and Continuous Series
13. Standard Deviation: Meaning, Coefficient of Standard Deviation, Merits, and Demerits
14. Standard Deviation in Individual Series
15. Methods of calculating Standard Deviation in Discrete Series
16. Methods of calculation of Standard Deviation in frequency distribution series
17. Combined Standard Deviation: Meaning, Formula, and Example
18. How to calculate Variance? 
19. Coefficient of Variation: Meaning, Formula and Examples
20. Lorenz Curve: Meaning, Construction, and Application

Chapter 9: Correlation

1. Correlation: Meaning, Significance, Types and Degree of Correlation
2. Methods of measurements of Correlation 
3. Calculation of Correlation with Scattered Diagram
4. Spearman’s Rank Correlation Coefficient
5. Calculation of Karl Pearson’s Coefficient of Correlation
6. Methods of Calculating Karl Pearson’s Coefficient of Correlation

Chapter 10: Index Number 

1. Index Number: Meaning, Characteristics, Uses and Limitations
2. Methods of Construction of Index Number
3. Unweighted or Simple Index Numbers: Meaning and Methods
4. Methods of calculating Weighted Index Numbers
5. Fisher’s Index Number as an Ideal Method
6. Fisher’s Method of calculating Weighted Index Number
7. Paasche’s Method of calculating Weighted Index Number
8. Laspeyre’s Method of calculating Weighted Index Number
9. Laspeyre’s, Paasche’s, and Fisher’s Methods of Calculating Index Number
10. Consumer Price Index (CPI) or Cost of Living Index Number: Construction of Consumer Price Index|Difficulties and Uses of Consumer Price Index
11. Methods of Constructing Consumer Price Index (CPI)
12. Wholesale Price Index (WPI): Meaning, Uses, Merits, and Demerits
13. Index Number of Industrial Production: Meaning, Characteristics, Construction, and Example
14. Inflation and Index Number

Important Formulas:

Important Formulas in Statistics for Economics