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Introduction

Question

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Explain statistics as science.

Solution

That systematic knowledge in which theories are propounded on the basis of cause and effect relationship, is know as science.

Statistics is a science in which various statistical methods are to be studied. So it is a systematic body of the study of past and present data.

Some More Questions From Introduction Chapter

Define economic activity.

Who is a consumer ?

What is consumption ?

Who is a producer ?

What is production ?

What is saving ?

Define investment.

Who are the agents of production ?

Define economic problem.

Define Statistics as a plural noun.

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