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STATISTICS

FOR ECONOMICS

● Consumption● Production● Exchange● Distribution● Public Finance etc

Subject matter of Economic Theory

Principles and laws relating to :

are the subject matter of economic theory.

PRODUCTION

CONSUMPTION

EXCHANGEEXCHANGE

DISTRIBUTION

Page 6: STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs • production, FINANCE Revenue Private Sector Private Finance Expenditure Public Sector

● Economics is a Social Science.

● It studies the Economic behaviour of Man

● It studies the relationship between ends and scarce

resources, which have alternative uses.

● Adam Smith is considered as the father of Economics.

What is Economics ?

Page 7: STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs • production, FINANCE Revenue Private Sector Private Finance Expenditure Public Sector

ADAM SMITH (The Father of Economics)

Page 8: STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs • production, FINANCE Revenue Private Sector Private Finance Expenditure Public Sector

● Scarcity is the root cause of all economic problems.

● Economic problems arise because:

● Human wants are unlimited

● Resources are limited to satisfy these wants

● Resources have alternative applicability

Why there are economic problems ?

Page 9: STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs • production, FINANCE Revenue Private Sector Private Finance Expenditure Public Sector

Wants are unlimited ....

but Resources are limited.

Page 10: STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs • production, FINANCE Revenue Private Sector Private Finance Expenditure Public Sector

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