Statistics - Chapter 1 - Introduction - Coggle Diagram
Statistics - Chapter 1 - Introduction
The study of man in the ordinary business of life. - Alfred Marshall.
Someone who consumes products to satisfy their wants or needs.
Someone who produces commodities to satisfy the want and needs of consumers and to generate income.
Someone who sells produced goods or services for profit.
(employee) Someone who performs jobs for someone else in exchange for salaries / wages
A person who provides a service to others for a payment.
Any activity done with the motive of earning money.
Measures that help solve an economic Problem
The study of how a society chooses to utilize scarce resources that may have alternate uses to satisfy the wants and distribute them for consumption amongst various people in society.
How is national income and GDP distributed?
How do producers decide what to produce, how to produce it and what price to sell it at?
How consumers choose to buy a product given various choices?
Poverty, Unemployment and other socio-economic problems.