NCERT Book Class 11 Economics (Statistics for Economics) Chapter 1 Introduction

C HA P T ER

1 Introduction

told this subject is mainly around
Studying this chapter should
enable you to: what Alfred Marshall (one of the
• know what the subject of founders of modern economics) called
economics is about; “the study of man in the ordinary
• understand how economics is business of life”. Let us understand
linked with the study of economic
activities in consumption, what that means.
production and distribution; When you buy goods (you may
• understand why knowledge of want to satisfy your own personal
statistics can help in describing
needs or those of your family or those
consumption, production and
distribution; of any other person to whom you want
• lear n about some uses of to make a gift) you are called
statistics in the understanding of a consumer.
economic activities.
When you sell goods to make
a profit for yourself (you may be
1. WHY ECONOMICS? a shopkeeper), you are called a seller.
You have, perhaps, already had When you produce goods (you may
Economics as a subject for your earlier be a farmer or a manufacturing
classes at school. You might have been company),or provide services (you may