Purchase of goods by consumers to satisfy their various needs is ____________.
Production
Consumption
Distribution
None of these
_____________ is the study of the collection, organization, analyzing and interpretation of data.
Statistics
Economics
Demand
Supply
The act of making goods and services is called ____________.
Who is the provider of goods or services?
Seller
Consumer
Producer
The numerical measures help to summarise ____________.
Information
Data
Policy
Statistics plays a vital role in ___________.
Decision making
Both 1 & 2
____________ is summarised by calculating various numerical indices such as mean, variance and standard deviation.
__________ is the root of all economic problems.
Wants
Resources
Scarcity
__________ are the facts and figures that are collected,analysed and summarized for presentation and interpretation.
Statistics summarises and presents a meaningful overall information about a mass of ____________.