Students should refer to Worksheets Class 11 Economics Introduction Chapter 1 provided below with important questions and answers. These important questions with solutions for Chapter 1 Introduction have been prepared by expert teachers for Class 11 Economics based on the expected pattern of questions in the class 11 exams. We have provided Worksheets for Class 11 Economics for all chapters on our website. You should carefully learn all the important examinations questions provided below as they will help you to get better marks in your class tests and exams.
Introduction Worksheets Class 11 Economics
IMPORTANT CONCEPTS:
1. Meaning of Statistics in plural sense – It is a collection of numerical facts.
2. Meaning of Statistics in Plural Sense – It deals with the collection, presentation, analysis and interpretation of quantitative information.
3. Definition of statistics in Plural Sense – It means aggregate of facts affected to a marked extent of multiplicity of causes numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and placed in relation to each other.
4. Consumer – A person who buys goods and services for the satisfaction of human wants.
5. Producer – A person who produces goods.
6. Service holder – A person who is working or in a job and gets paid for it.
7. Service Provider – A person who gives services to others for a payment.
8. Economic activity – Activities undertaken for monetary gain or to earn income.
9. Economics is divided into three parts:
a] Consumption b] Production c] Distribution
10. Consumption: In consumption, we study wants, their origin, nature and characteristics and the laws governing them.
11. Production: It refers to all activities which are undertaken to produce goods and services for generation of income and satisfaction of wants.
12. Distribution: Economic activity which studies how income generated from the production process is distributed among the factors of production.
13. Data: Economic facts in terms of numbers.
14. Importance of Statistics:
Statistics is widely used in many fields.
a] Importance to the Government – Statistics is used in administration and efficient functioning of departments. It collects data to fulfill its welfare objectives.
b] Importance of Statistics in Economics:
1] Statistics helps in making economic laws like law of demand and concept of elasticity.
2] It helps in understanding and solving economic problem.
3] It helps in studying market structure.
4] It helps in finding mathematical relations between variables.
