Introduction 

In this article you will learn about " Meaning Of Statistics In Economics "in simple language. The word Statistics seem to have been derived from the Latin word 'Status' Or the Italian word 'Statista' or the German word 'Statistic' or the Greek word 'Statistique', each of which means political state. 
The word 'Statistics' conveys different meanings to different people. Some people regard as data, facts or measurements, while others believe it to be the study of figures. 

Meaning Of Statistics

The term 'Statistics' was used to collect, organise and analyse data in systematic manner. In economics all the data are collected and analysed with the help of statistics. In the early years, scope of statistics was primarily limited to collection of data for determining the economic and social conditions of the people living in different parts of the country. But with the passage of time, the scope of statistics widened. For time, statistics was regarded as a branch of economics, but now, it has become a full - fledged independent subject. It is not easy to define 'statistics' because the scope of statistics has increased. Statistics has been defined differently by different writers from time to time. Some of authorities have defined Statistics as statistical data ( Plural Sense), whereas others as statistical methods ( Singular Sense).
In Plural Sense, it means a collection of numerical facts. 
In Singular Sense, statistics deal with the collection, presentation, analysis and interpretation of the quantitative information. 




Statistics In Plural Sense

In the plural sense, statistics refers to aggregates of facts, affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standards of accuracy, collected in a systematically manner for predetermined purpose and placed in relation to each other. 

  • Statistics are a number of facts. Single figures are not statistics as such figures cannot be compared. 
  • Numerical figures ( data) are influenced by variety of factors. 
  • Statistics are numerically expressed. 
  • Statistics should be collected with the reasonable standard of accuracy. 
  • Statistics are collected in systematic manner. 
  • Statistics are collected for Pre-determined purpose means the purpose of collected statistical data must be decided in advance. 
  • Statistics should be placed in relation to each other. 

Statistics In Singular Sense

In singular sense, the term 'Statistics' means 
Statistical methods, it is a method of dealing with numerical facts. Statistical in singular sense may be defined as the collection, presentation, analysing and interpretation of numerical data. 

Stages Of Statistical Study

  • Collection of data:- It is the main and the first step in a statistical enquiry. The technique of collection of data depends upon the objective of the study. 
  • Organising of data:- After collection, the data is organised in a proper form which involves editing and classification. 
  • Presentation of data:- After classification, the data is presented in some suitable manner, in the form of text, table, diagram or graph. 
  • Analysis of data:- After presentation of data, analysis is done with the help of simple mathematical techniques. 
  • Interpretation of data:- It is the last step in the statistical methodology. It involves statistical thinking, skill and experience, to derive meaning from analysed data. The interpretation provides the final conclusions drawn from the analysed data. 

Frequently Asked Questions

Question 1. What is statistics ? 
Statistics is the study of the collection, organisation, presentation and analysis of data. It is the science which is developed for the study of data. 

Question 2. Why statistics are important? 
Statistics are important because it help people to take appropriate decisions with the help of correct data. 

Question 3. Who is the father of Indian Statistics? 
"Professor Prasanta Chandra Mahalanobis" is known as the father of Indian Statistics. 

Question 4. Who is known as the father of Economics? 
" Adam Smith " is called the father of Economics. 

Question 5. What is the nature of statistics? 
Statistics is both science and art. Statistical methods are systematic which makes it science and the application of this methods requires skills and talent and the technique of application vary from person to person.