Study of Economics in Nepal

Introduction to Statistics Statistics  is the discipline (some consider branch of mathematics) that concerns the collection, organization, analysis, interpretation and presentation of data. Data: Set of information (any fact, figure, sign, symbol, number) describes a given entity Data Types: Qualitative data, Quantitative data Data Analysis Descriptive Statistics: Quantitatively describes or summarizes features of collected  information using table, graphs and calculated using central tendency, dispersion, index number.  Generalization of data is not possible, only provide worthy information regarding the nature of a specific group of individuals. Inferential Statistics: Learn about the  population  through appropriate sample of data   using probability, estimation, different statistical test. It facilitates the generalization of data.

  Goods & Services Goods:  Goods are usually tangible (touch or hold) that satisfy human wants, such as pens, salt, apples, and hats.  Services : Services are activities provided by other people, who include doctors, lawn care workers, dentists, house cleaning, teaching, barbers, waiters, or online servers, a book, a digital video-game or a digital movie.

PRODUCTION POSSIBILITY CURVE OR FRONTIER (PPC OR PPF) Production: Technological transformation of input (factor: Ld, Lb, K, Org. & non-factor: water, electricity, raw materials) into output (finished goods and services: cloth, food, electricity). An economic model and visual representation of the ideal production balance between two commodities given finite resources. A  PPF or  PPC is a curve which shows various possible/attainable combinations of   output (the amounts of two goods) which can be produced at the maximum level within the given (fixed) resources and technology. Where the given resources are fully and efficiently utilized at the given period of time.